Senate Bill 2698 Summary

• Extends the deadline for renewable energy projects to begin construction and remain eligible for partial ad valorem tax exemptions from December 31, 2024 to December 31, 2027.

• Extends the deadline for county boards of supervisors and municipal governing authorities to authorize partial ad valorem tax exemptions for renewable energy projects from July 1, 2023 to July 1, 2026.

• Extends the deadline for entering into fee-in-lieu of ad valorem taxes agreements for renewable energy projects from July 1, 2023 to July 1, 2026, allowing for reduced minimum fee payments of one-tenth (1/10) instead of one-third (1/3) of ad valorem taxes.

• Adds entities defined in Section 77-3-3(d)(i) to the types of private companies eligible to enter fee-in-lieu agreements when having minimum capital investment of $100,000,000 in Presidential Disaster Declaration areas.

• Effective date: July 1, 2023.