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Senate Energy Committee advances substitute House Bill 15 after proponent testimony on consumer refunds and renewable siting
Summary
The committee adopted a substitute that reduces tangible personal property tax on new generation and transmission equipment, defines repowering, and advances HB 15 after proponents urged changes to refund language and supported priority investment areas for renewables.
The Senate Energy Committee considered substitute House Bill 15 (substitute 0688-10), a package combining provisions from Senate Bill 2 and House Bill 15 that the sponsor described as clarifying and cleaning up prior language. Senator Reineke, the sponsor, said the substitute reduces the tangible personal property tax on new generation and energy conversion equipment from 25% to 7%; reduces TPP taxation on new transmission, distribution and pipeline infrastructure from 88% to 25%; and defines ‘‘repower’’ to require that at least 80% of the production equipment’s true value derive from the newly installed production equipment. The substitute preserves multi-year rate-making plans, maintains an immediate repeal of OVEC where previously proposed, and leaves in place an…
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