OH HB218

Defines "renewable resource" as solar photovoltaic, solar thermal energy, or wind energy in the tax code.

For tax year 2010 and thereafter, taxable property of electric companies used to produce electricity from renewable resources is valued at purchase price without deduction of composite annual allowances (full cost basis).

Establishes a 12% assessment rate for electric company taxable property used to produce electricity from renewable resources, starting in tax year 2010.

Maintains existing 85% assessment rate for transmission and distribution property and 24% rate for other taxable property of electric companies under the new framework.

Makes technical corrections to existing public utility tax valuation provisions, including changes to language regarding composite annual allowances and assessment percentages for tax years 2006-2009.