Second Regular Session
Seventy-third General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 22-0335.01 Jennifer Berman x3286
SENATE BILL 22-138
Senate Committees House Committees
Transportation & Energy
A BILL FOR AN ACT
C
ONCERNING MEASURES TO PROMOTE REDUCTIONS IN GREENHOUSE101
GAS EMISSIONS IN COLORADO.102
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
Section 1 of the bill requires each insurance company issued a
certificate of authority to transact insurance business to prepare and file
an annual report with the insurance commissioner providing a
climate-risk assessment for the insurance company's investment portfolio
from the previous 12 months. The commissioner of insurance is required
to post the reports on the division of insurance's website. Section 1
SENATE SPONSORSHIP
Hansen,
HOUSE SPONSORSHIP
Valdez A.,
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing statute.
Dashes through the words indicate deletions from existing statute. defines "climate-risk assessment" as a determination of the economic and
business risks that climate change poses to an investment.
Section 2 requires the board of trustees of the public employees'
retirement association (PERA board) to prepare a similar annual report
and post it on the PERA board's website.
Section 3 updates the statewide greenhouse gas (GHG) emission
reduction goals to add a 40% reduction goal for 2028 compared to 2005
GHG pollution levels and a 75% reduction goal for 2040 compared to
2005 GHG pollution levels.
Section 4 defines a small off-road engine as a gasoline-powered
engine of 50 horsepower or less used to fuel small off-road equipment
like lawn mowers and leaf blowers. Section 4 phases out the use of small
off-road engines by prohibiting their sale in nonattainment areas of the
state on or after January 1, 2030, and by providing financial incentives to
promote the replacement of small off-road engines with electric-powered,
small off-road equipment before 2030.
Section 11 establishes a state income tax credit in an amount equal
to 30% of the purchase price for new, electric-powered, small off-road
equipment for purchases made in income tax years 2023 through 2029.
Section 6 gives the oil and gas conservation commission authority
over class VI injection wells used for sequestration of GHG, including
through the issuance and enforcement of permits.
Section 7 requires the commissioner of agriculture or the
commissioner's designee, in consultation with the Colorado energy office
and the air quality control commission, to conduct a study examining
carbon reduction and sequestration opportunities in the agricultural sector
in the state, including the potential development of certified carbon offset
programs or credit instruments. On or before December 15, 2022, the
commissioner of agriculture or the commissioner's designee is required
to submit a report summarizing the study, including any legislative
recommendations, to the general assembly.
In support of the use of agrivoltaics, which is the colocation of
solar energy generation facilities on a parcel of land with agricultural
activities, section 8 authorizes the Colorado agriculture value-added
development board (board) to provide financing, including grants or
loans, for agricultural research on the use of agrivoltaics. For a research
project for which the board awards money to study the use of agrivoltaics,
sections 5 and 8 require the director of the division of parks and wildlife
to consult on the research project regarding the wildlife impacts of
agrivoltaic use.
Section 9 authorizes the board to seek, accept, and expend gifts,
grants, and donations, including donations of in-kind resources such as
solar panels, for use in agricultural research projects. Section 9 also
updates the statutory definition of "agrivoltaics" to list additional
agricultural activities on the parcel of land on which solar panel
SB22-138
-2- generation facilities may be colocated, including animal husbandry, cover
cropping for soil health, and carbon sequestration.
Section 10 amends the statutory definition of "solar energy
facility" used in determining the valuation of public utilities for property
tax purposes to include agrivoltaics.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, add 10-3-244 as2
follows:3
10-3-244. Investment climate-risk assessment - reporting -4
definition. (1) O
N OR BEFORE JANUARY 1, 2024, AND ON OR BEFORE5
J
ANUARY 1 OF EACH YEAR THEREAFTER, AN INSURANCE COMPANY ISSUED6
A CERTIFICATE OF AUTHORITY TO TRANSACT INSURANCE BUSINESS7
PURSUANT TO PART 1 OF THIS ARTICLE 3 SHALL PREPARE AND FILE WITH8
THE COMMISSIONER A FINANCIAL REPORT PROVIDING A CLIMATE -RISK9
ASSESSMENT REGARDING ITS INVESTMENT PORTFOLIO . THE COMMISSIONER10
SHALL POST REPORTS RECEIVED PURSUANT TO THIS SUBSECTION (1) ON11
THE DIVISION'S WEBSITE.12
(2) T
HE COMMISSIONER MAY COLLABORATE WITH OTHER STATE13
AGENCIES, INCLUDING THE DEPARTMENT OF PUBLIC HEALTH AND14
ENVIRONMENT, AND WITH NONPROFIT ENVIRONMENTAL ORGANIZATIONS15
TO DEVELOP GUIDANCE FOR AUTHORIZED INSURANCE COMPANIES ON16
PERFORMING CLIMATE -RISK ASSESSMENTS. IF THE COMMISSIONER17
DEVELOPS GUIDANCE, THE COMMISSIONER SHALL POST THE GUIDANCE ON18
THE DIVISION'S WEBSITE.19
(3) A
S USED IN THIS SECTION, "CLIMATE-RISK ASSESSMENT" MEANS20
A DETERMINATION OF THE ECONOMIC AND BUSINESS RISKS THAT CLIMATE21
CHANGE POSES TO AN INVESTMENT . SUCH RISKS INCLUDE22
TRANSPORTATION AND SUPPLY DISRUPTIONS , LABOR SHORTAGES, AND23
SB22-138-3- INFRASTRUCTURE DAMAGE ARISING FROM SEVERE WEATHER EVENTS ;1
INCREASED COSTS ASSOCIATED WITH COMPETITION FOR DEPLETING2
NONRENEWABLE RESOURCES ; AND LOSS OF PRODUCTIVITY ARISING FROM3
EXTREME TEMPERATURES , VECTOR-BORNE DISEASES, AND OTHER HEALTH4
IMPACTS OF CLIMATE CHANGE.5
SECTION 2. In Colorado Revised Statutes, 24-51-206, add (4)6
as follows:7
24-51-206. Investments - investment climate-risk assessment8
- definition. (4) (a) O
N OR BEFORE JANUARY 1, 2024, AND ON OR BEFORE9
J
ANUARY 1 OF EACH YEAR THEREAFTER, THE BOARD SHALL PREPARE A10
FINANCIAL REPORT PROVIDING A CLIMATE -RISK ASSESSMENT REGARDING11
ITS INVESTMENT PORTFOLIO. THE BOARD SHALL POST EACH REPORT ON ITS12
WEBSITE.13
(b) A
S USED IN THIS SECTION, "CLIMATE-RISK ASSESSMENT" HAS14
THE MEANING SET FORTH IN SECTION 10-3-244 (3).15
SECTION 3. In Colorado Revised Statutes, 25-7-102, amend16
(2)(g) as follows:17
25-7-102. Legislative declaration. (2) It is further declared that:18
(g) (I) Accordingly, Colorado shall strive to increase renewable19
energy generation and eliminate statewide greenhouse gas pollution by20
the middle of the twenty-first century and have goals of achieving, at a21
minimum:22
(A) A twenty-six percent reduction in statewide greenhouse gas23
pollution by 2025;24
(B) A
FORTY PERCENT REDUCTION IN STATEWIDE GREENHOUSE25
GAS POLLUTION BY 2028;26
(C) A fifty percent reduction in statewide greenhouse gas27
SB22-138
-4- pollution by 2030;1
(D) A
SEVENTY-FIVE PERCENT REDUCTION IN STATEWIDE2
GREENHOUSE GAS POLLUTION BY 2040; and3
(E) A ninety percent reduction in statewide greenhouse gas4
pollution by 2050.5
(II) The reductions identified in this subsection (2)(g) are6
measured relative to 2005 statewide greenhouse gas pollution levels.7
SECTION 4. In Colorado Revised Statutes, add 25-7-143 as8
follows:9
25-7-143. Prohibit emissions from small off-road engines -10
rebates and incentives - legislative declaration - definitions - rules -11
repeal. (1) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT :12
(a) S
MALL OFF-ROAD ENGINES USED PRIMARILY IN LAWN AND13
GARDEN EQUIPMENT, SUCH AS LAWN MOWERS , LEAF BLOWERS, HEDGE14
TRIMMERS, AND CHAINSAWS, EMIT HIGH LEVELS OF AIR POLLUTANTS ,15
INCLUDING OXIDES OF NITROGEN AND REACTIVE OR GANIC GASES THAT ,16
TOGETHER, FORM OZONE, AND PARTICULATE MATTER;17
(b) C
URRENTLY, THERE ARE BATTERY-POWERED, ZERO-EMISSIONS18
ALTERNATIVES FOR SMALL OFF -ROAD EQUIPMENT, INCLUDING FOR19
COMMERCIAL-GRADE EQUIPMENT;20
(c) E
LECTRIFYING SMALL OFF-ROAD EQUIPMENT CAN REDUCE21
OZONE POLLUTION BY AS MUCH AS FOUR PARTS PER BILLION , WHICH22
COULD HELP NONATTAINMENT AREAS REACH ATTAINMENT STATUS ; AND23
(d) T
HE STATE SHOULD IMPLEMENT MEASURES TO ACHIEVE ONE24
HUNDRED PERCENT ZERO EMISSIONS FROM SMALL OFF -ROAD EQUIPMENT,25
INCLUDING PROHIBITING THE SALE OF NEW, SMALL OFF-ROAD ENGINES IN26
NONATTAINMENT AREAS AND DEVELOPING A REBATE PROGRAM AND27
SB22-138
-5- OTHER FINANCIAL INCENTIVES TO ENCOURAGE THE VOLUNTARY PHASING1
OUT OF SMALL OFF-ROAD ENGINES.2
(2) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE3
REQUIRES:4
(a) "N
ONATTAINMENT AREA" MEANS AN AREA OF THE STATE THAT5
IS SUBJECT TO PART D OF THE FEDERAL ACT.6
(b) "S
MALL OFF-ROAD ENGINE" MEANS A GASOLINE-POWERED7
ENGINE OF FIFTY HORSEPOWER OR LESS THAT IS USED TO FUEL SMALL8
OFF-ROAD EQUIPMENT.9
(c) "S
MALL OFF-ROAD EQUIPMENT" MEANS:10
(I) A
LAWN MOWER, LEAF BLOWER, OR OTHER LAWN OR GARDEN11
EQUIPMENT AS DETERMINED BY THE COMMISSION BY RULE ;12
(II) A
NY OTHER OFF-ROAD EQUIPMENT AS DETERMINED BY THE13
COMMISSION BY RULE.14
(3) O
N OR BEFORE JANUARY 1, 2023, THE COMMISSION SHALL15
PROMULGATE RULES:16
(a) P
ROHIBITING THE SALE, OFFER FOR SALE, ADVERTISING, OR17
MARKETING IN NONATTAINMENT AREAS OF ANY SMALL OFF -ROAD18
EQUIPMENT POWERED WITH A SMALL OFF -ROAD ENGINE ON OR AFTER19
J
ANUARY 1, 2030; AND20
(b) (I) E
STABLISHING A COMMERCIAL REBATE PROGRAM THROUGH21
WHICH A PERSON WHO OWNS COMMERCIAL -GRADE, SMALL OFF-ROAD22
EQUIPMENT THAT IS POWERED WITH A SMALL OFF -ROAD ENGINE OR WHO23
USES SMALL OFF-ROAD EQUIPMENT THAT IS POWERED WITH A SMALL24
OFF-ROAD ENGINE AS PART OF A COMMERCIAL LAWN OR GARDEN CARE25
BUSINESS MAY EARN A REBATE FOR VOLUNTARILY PURCHASING26
ELECTRIC-POWERED, SMALL OFF-ROAD EQUIPMENT TO REPLACE SMALL27
SB22-138
-6- OFF-ROAD EQUIPMENT POWERED WITH A SMALL OFF -ROAD ENGINE IF1
PURCHASED BEFORE JANUARY 1, 2030.2
(II) T
HIS SUBSECTION (3)(b) IS REPEALED JANUARY 1, 2032.3
SECTION 5. In Colorado Revised Statutes, 33-1-110, add (9) as4
follows:5
33-1-110. Duties of the director of the division. (9) F
OR6
RESEARCH PROJECTS FOR WHICH THE COLORADO AGRICULTURAL7
VALUE-ADDED DEVELOPMENT BOARD AWARDS MONEY PURS UANT TO8
SECTION 35-75-204 (1)(a)(II) TO STUDY THE USE OF AGRIVOLTAICS , AS9
DEFINED IN SECTION 35-75-205 (1)(c), THE DIRECTOR OR THE DIRECTOR'S10
DESIGNEE SHALL CONSULT ON THE RESEARCH PROJECT REGARDING THE11
WILDLIFE IMPACTS OF AGRIVOLTAIC USE.12
SECTION 6. In Colorado Revised Statutes, 34-60-106, amend13
(9)(a) as follows:14
34-60-106. Additional powers of commission - rules -15
definition. (9) (a) Notwithstanding section 34-60-120 or any other16
provision of law, the commission, as to class II
AND CLASS VI injection17
wells classified in 40 CFR 144.6, may perform all acts for the purpose
18
PURPOSES of protecting underground sources of drinking water in19
accordance with state programs authorized by 42 U.S.C. sec. 300f et seq.,20
and regulations under those sections, as amended,
AND ENSURING THE21
SAFE AND EFFECTIVE SEQUESTRATION OF GREENHOUSE GASES , AS THAT22
TERM IS DEFINED IN SECTION 25-7-140 (6). THE COMMISSION MAY ISSUE23
AND ENFORCE PERMITS AS NECESSARY FOR THOSE PURPOSES .24
SECTION 7. In Colorado Revised Statutes, add 35-1-116 as25
follows:26
35-1-116. Study of carbon reduction and sequestration27
SB22-138
-7- opportunities in agriculture - reporting - repeal. (1) I N CONSULTATION1
WITH THE COLORADO ENERGY OFFICE CREATED IN SECTION 24-38.5-1012
AND THE AIR QUALITY CONTROL COMMISSION CREATED IN SECTION3
25-7-104
(1), THE COMMISSIONER OR THE COMMISSIONER 'S DESIGNEE4
SHALL CONDUCT A STUDY TO EXAMINE CARBON REDUCTION AND5
SEQUESTRATION OPPORTUNITIES IN THE AGRICULTURAL SECTOR IN THE6
STATE, INCLUDING AN INVESTIGATION INTO THE POTENTIAL FOR CREATING7
AND OFFERING A CERTIFIED CARBON OFFSET PROGRAM AND CREDIT8
INSTRUMENTS TO PROVIDE FUNGIBLE CARBON OFFSETS FOR AGRICULTURAL9
PRODUCERS.10
(2) O
N OR BEFORE DECEMBER 15, 2022, THE COMMISSIONER OR11
COMMISSIONER'S DESIGNEE SHALL SUBMIT TO THE GENERAL ASSEMBLY A12
REPORT SUMMARIZING THE STUDY , INCLUDING ANY LEGISLATIVE13
RECOMMENDATIONS FOR DESIGNING AND IMPLEMENTING CARBON14
REDUCTION AND SEQUESTRATION OPPORTUNITIES FOR THE AGRICULTURAL15
SECTOR IN THE STATE.16
(3) T
HIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2023.17
SECTION 8. In Colorado Revised Statutes, 35-75-204, amend18
(1) as follows:19
35-75-204. Duties of board - agriculture value-added grants,20
loans and loan guarantees, and equity investments - agrivoltaics.21
(1) (a) The board has the power to
MAY make grants, loans and loan22
guarantees, and equity investments to any person, including eligible23
agricultural value-added cooperatives as defined in section 35-75-202 (4),24
for:25
(I) New or ongoing agricultural projects and research that add26
value to Colorado agricultural products and aid the economy of rural27
SB22-138
-8- Colorado communities; and for1
(II) Agricultural projects
AND RESEARCH, INCLUDING RESEARCH2
ON THE USE OF AGRIVOLTAICS, AS DEFINED IN SECTION 35-75-205 (1)(c),3
that will reduce energy costs for agricultural producers or businesses. I
N4
ALLOCATING MONEY FOR RESEARCH ON THE USE OF AGRIVOLTAICS , THE5
BOARD SHALL REQUIRE THAT A RECIPIENT CONSULT WITH THE DIRECTOR6
OF THE DIVISION OF PARKS AND WILDLIFE OR THE DIRECTOR 'S DESIGNEE7
REGARDING WILDLIFE IMPACTS OF AGRIVOLTAICS USE .8
(b) The board also has the power to
MAY fund market promotion9
activities of the department pursuant to section 35-75-205 (2)(f).10
SECTION 9. In Colorado Revised Statutes, 35-75-205, amend11
(1)(b); and add (1)(c) as follows:12
35-75-205. Grants, loans and loan guarantees, and equity13
investments - agriculture value-added cash fund - created - gifts,14
grants, and donations - report - definition - repeal. (1) (b) As used in15
this section, "agrivoltaics" means one or more solar energy generation16
facilities colocated on the same parcel of land as agricultural production,17
including crop production, grazing, apiaries, or other production of18
agricultural commodities for sale in the retail or wholesale market THE19
BOARD MAY SEEK, ACCEPT, AND EXPEND GIFTS, GRANTS, OR DONATIONS20
FROM PRIVATE OR PUBLIC SOURCES FOR THE PURPOSES OF THIS PART 2,21
WHICH MONEY SHALL BE CREDITED TO THE AGRICULTURE VALUE -ADDED22
CASH FUND PURSUANT TO SUBSECTION (1)(a) OF THIS SECTION. THE BOARD23
MAY ALSO SEEK, ACCEPT, AND UTILIZE DONATIONS OF IN -KIND RESOURCES24
SUCH AS SOLAR PANELS FOR USE IN AGRIVOLTAIC RESEARCH PROJECTS .25
(c) A
S USED IN THIS SECTION, "AGRIVOLTAICS" MEANS ONE OR26
MORE SOLAR ENERGY GENERATION FACILITIES COLOCATED ON THE SAME27
SB22-138
-9- PARCEL OF LAND AS AGRICULTURAL ACTIVITIES , INCLUDING CROP1
PRODUCTION, GRAZING, ANIMAL HUSBANDRY, APIARIES, COVER CROPPING2
FOR SOIL HEALTH BENEFITS OR CARBON SEQUESTRATION , OR PRODUCTION3
OF AGRICULTURAL COMMODITIES FOR SALE IN THE RETAIL OR WHOLESALE4
MARKET.5
SECTION 10. In Colorado Revised Statutes, 39-4-101, amend6
(3.5) as follows:7
39-4-101. Definitions. As used in this article 4, unless the context8
otherwise requires:9
(3.5) (a) "Solar energy facility" means a new facility first placed10
in production on or after January 1, 2009, that uses real and personal11
property, including but not limited to one or more solar energy devices as12
defined in section 38-32.5-100.3 (2), leaseholds, and easements, to13
generate and deliver to the interconnection meter any source of electrical,14
thermal, or mechanical energy in excess of two megawatts by harnessing15
the radiant energy of the sun, including any connected device for which16
the primary purpose is to store energy, and that is not primarily designed17
to supply electricity for consumption on site.18
(b) "S
OLAR ENERGY FACILITY " INCLUDES AGRIVOLTAICS AS19
DEFINED IN SECTION 35-75-205 (1)(c).20
SECTION 11. In Colorado Revised Statutes, add 39-22-543 as21
follows:22
39-22-543. Tax credit for reducing emissions from small23
off-road engines - reports - definitions - legislative declaration -24
repeal. (1) (a) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT :25
(I) S
MALL OFF-ROAD ENGINES USED PRIMARILY IN LAWN AND26
GARDEN EQUIPMENT, SUCH AS LAWN MOWERS , LEAF BLOWERS, HEDGE27
SB22-138
-10- TRIMMERS, AND CHAINSAWS, EMIT HIGH LEVELS OF AIR POLLUTANTS ,1
INCLUDING OXIDES OF NITROGEN AND REACTIVE ORGANIC GASES THAT ,2
TOGETHER, FORM OZONE, AND PARTICULATE MATTER;3
(II) E
LECTRIFYING SMALL OFF-ROAD EQUIPMENT CAN REDUCE4
OZONE POLLUTION BY AS MUCH AS FOUR PARTS PER BILLION ; AND5
(III) T
HE PURPOSE OF THE TAX CREDIT IN SUBSECTION (2) OF THIS6
SECTION IS TO PROVIDE AN INCENTIVE FOR THE VOLUNTARY TRANSITION7
FROM GAS-POWERED TO ELECTRIC -POWERED SMALL OFF -ROAD8
EQUIPMENT.9
(b) I
N ACCORDANCE WITH SECTION 39-21-304 (1), WHICH10
REQUIRES EACH BILL THAT CREATES A NEW TAX EXPENDITURE TO INCLUDE11
A TAX PREFERENCE PERFORMANCE STATEMENT AS PART OF A STATUTORY12
LEGISLATIVE DECLARATION, THE GENERAL ASSEMBLY FURTHER FINDS AND13
DECLARES THAT:14
(I) T
HE GENERAL LEGISLATIVE PURPOSE OF THE TAX CREDIT15
ALLOWED BY SUBSECTION (2) OF THIS SECTION IS TO INDUCE CERTAIN16
DESIGNATED BEHAVIORS BY TAXPAYERS , SPECIFICALLY THE PURCHASE OF17
ELECTRIC, SMALL OFF-ROAD EQUIPMENT; AND18
(II) I
N ORDER TO ALLOW THE GENERAL ASSEMBLY AND THE STATE19
AUDITOR TO MEASURE THE EFFECTIVENESS OF THE CREDIT , THE20
DEPARTMENT OF REVENUE SHALL SUBMIT TO THE GENERAL ASSEMBLY21
AND THE STATE AUDITOR AN ANNUAL REPORT IN ACCORDANCE WITH22
SUBSECTION (4) OF THIS SECTION COMPARING THE SALES OF23
ELECTRIC-POWERED, SMALL OFF-ROAD EQUIPMENT PURCHASED IN THE24
STATE BEFORE THE TAX CREDIT GOES INTO EFFECT AND THE SALES OF25
ELECTRIC-POWERED, SMALL OFF-ROAD EQUIPMENT PURCHASED IN THE26
STATE IN THE TWELVE MONTHS PRECEDING THE REPORT .27
SB22-138
-11- (2) FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY1
1,
2023, BUT BEFORE JANUARY 1, 2030, A TAXPAYER MAY CLAIM A CREDIT2
AGAINST THE TAX IMPOSED PURSUANT TO THIS ARTICLE 22 IN AN AMOUNT3
EQUAL TO THIRTY PERCENT OF THE TAXPAYER 'S EXPENSES INCURRED IN4
PURCHASING NEW, ELECTRIC-POWERED, SMALL OFF-ROAD EQUIPMENT.5
(3) I
F THE AMOUNT OF A CREDIT UNDER SUBSECTION (2) OF THIS6
SECTION EXCEEDS A TAXPAYER'S ACTUAL TAX LIABILITY FOR AN INCOME7
TAX YEAR, THE AMOUNT OF THE CREDIT NOT USED TO OFFSET INCOME TAX8
LIABILITY FOR THE INCOME TAX YEAR IS NOT REFUNDED TO THE9
TAXPAYER. THE TAXPAYER MAY CARRY FORWARD AND APPLY THE10
UNUSED CREDIT AGAINST THE INCOME TAX DUE IN EACH OF THE FIVE11
SUCCEEDING INCOME TAX YEARS , BUT THE TAXPAYER SHALL APPLY THE12
CREDIT AGAINST THE INCOME TAX DUE FOR THE EARLIEST OF THE INCOME13
TAX YEARS POSSIBLE. ANY AMOUNT OF THE TAX CREDIT THAT IS NOT USED14
AFTER THIS PERIOD IS NOT REFUNDABLE.15
(4) F
OR THE PURPOSE OF PROVIDING DATA THAT ALLOWS THE16
GENERAL ASSEMBLY AND THE STATE AUDITOR TO MEASURE THE17
EFFECTIVENESS OF THE TAX CREDIT CREATED IN SUBSECTION (2) OF THIS18
SECTION PURSUANT TO SECTION 39-21-304 (3), AND NOTWITHSTANDING19
SECTION 24-1-136 (11)(a)(I), THE DEPARTMENT OF REVENUE , ON OR20
BEFORE JANUARY 1, 2024, AND ON OR BEFORE JANUARY 1 OF EACH YEAR21
THEREAFTER, SHALL SUBMIT TO THE GENERAL ASSEMBLY AND THE STATE22
AUDITOR A REPORT COMPARING THE SALES OF ELECTRIC -POWERED, SMALL23
OFF-ROAD EQUIPMENT IN THE STATE AS OF JANUARY 1, 2022, AND THE24
SALES OF ELECTRIC-POWERED, SMALL OFF-ROAD EQUIPMENT IN THE STATE25
IN THE TWELVE MONTHS PRECEDING THE REPORT . THE TAX CREDIT26
ESTABLISHED IN THIS SECTION WILL MEET ITS PURPOSE IF SALES OF27
SB22-138
-12- ELECTRIC-POWERED, SMALL OFF-ROAD EQUIPMENT INCREASE BY TEN1
PERCENT WITHIN FIVE YEARS AFTER THE TAX CREDIT BECOMES EFFECTIVE .2
(5) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE3
REQUIRES:4
(a) "S
MALL OFF-ROAD ENGINE" HAS THE MEANING SET FORTH IN5
SECTION 25-7-143 (2)(b).6
(b) "S
MALL OFF-ROAD EQUIPMENT" HAS THE MEANING SET FORTH7
IN SECTION 25-7-143 (2)(c).8
(c) "T
AXPAYER" HAS THE MEANING SET FORTH IN SECTION9
39-21-101
(4).10
(6) T
HIS SECTION IS REPEALED, EFFECTIVE DECEMBER 31, 2039.11
SECTION 12. Act subject to petition - effective date. This act12
takes effect at 12:01 a.m. on the day following the expiration of the13
ninety-day period after final adjournment of the general assembly; except14
that, if a referendum petition is filed pursuant to section 1 (3) of article V15
of the state constitution against this act or an item, section, or part of this16
act within such period, then the act, item, section, or part will not take17
effect unless approved by the people at the general election to be held in18
November 2022 and, in such case, will take effect on the date of the19
official declaration of the vote thereon by the governor.20
SB22-138
-13-