Owners of large renewable-energy plants will be able to benefit from a reduced property-tax valuation for an additional 29 years under the terms of a bill that is on its way to Gov. Janet Napolitano for consideration.
The bill allows the plant to be valued at 20 percent of its depreciated value until 2040, a timeframe that backers say would give them enough time to assure their financial backers that they have a predictable tax climate. A similar tax break is set to expire in 2011.
House Bill 2614 was sponsored by Rep. Lucy Mason, R-Prescott. It passed the Senate on a 21-3 vote.
The bill also includes an amendment intended to buffer homeowners who install solar panels from a higher tax bill. It stipulates that the value of such panels does not count toward a home's value for tax purposes.
