A Bill that would exempt commercial and industrial renewable generation equipment from property tax in the state of Connecticut has passed the State Senate. According to Power Engineering, Senate Bill 203 would extend an existing tax credit for residential renewable energy equipment to also include commercial and industrial installations. The Bill’s leader, Senator Bob Duff, believes that this property tax exemption will prove to be a great incentive for more renewable development as the state tries to encourage more clean energy.
The tax break should help with encouraging more commercial properties across the state to implement renewable energy. The Bill would expand a current property tax exemption for most sources of renewable electric generation, including all Class I resources, as well as solar thermal and geothermal resources used for heating. Currently the exemption only applies to such sources installed in a residential setting.