Bill reduces tax burden on renewable energy properties for 20 years
Senate Bill 90, Renewable Energy Source Devices, by Senator Jeff Brandes (R-St. Petersburg) passed the Florida Senate today with unanimous support, following unanimous approval of the Florida House of Representatives yesterday. The tax exemption will apply for 20 years on solar and renewable energy devices.
“The voters of Florida spoke loud and clear in support of an expanded solar market in the sunshine state,” stated Senator Jeff Brandes (R-St. Petersburg). “Reducing property taxes on solar and renewable energy devices will bring more solar energy to Florida. The unanimous support of the legislature shows that we are dedicated to expanding the share of renewables in our energy portfolio, and I am excited to continue to advocate for energy reform.”
The bill implements Amendment 4, which passed with 73 percent support by the voters on the 2016 primary election. The bill exempts 80% of the value of solar and renewable energy devices from property taxes on real and tangible personal property. This reflects an extension of the existing exemption in law for solar and renewable energy devices on residential property. The exemption encourages expansion of solar and renewable energy production in Florida, complimenting an industry that has experienced significant growth in recent years. The tax exemption of the bill will begin in 2018 and extend for 20 years.
For more information on SB 90 please visit http://www.flsenate.gov/Session/Bill/2017/00090