Maryland 2024 Regular Session

Maryland House Bill HB1435 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	hb1435
6	6
7	7	HOUSE BILL 1435
8	8	C5, M5, Q1 4lr3255
9	9	CF SB 783
10	10	By: Delegates Fraser–Hidalgo, Bhandari, Embry, Forbes, Jackson, A. Johnson, Qi,
11	11	Stein, and Ziegler
12	12	Introduced and read first time: February 9, 2024
13	13	Assigned to: Economic Matters
14	14
15	15	A BILL ENTITLED
16	16
17	17	AN ACT concerning 1
18	18
19	19	Renewable Energy – Net Energy Metering Aggregation, Solar Renewable 2
20	20	Energy Credits, and Taxes on Solar Energy Generating Systems 3
21	21	(Brighter Tomorrow Act) 4
22	22
23	23	FOR the purpose of altering the maximum generating capacity authorized for certain net 5
24	24	metered generating facilities; authorizing an eligible customer –generator 6
25	25	participating in certain meter aggregation to receive excess generation from more 7
26	26	than one generating system; requiring the Public Service Commission to establish a 8
27	27	Small Solar Energy Generating System Incentive Program to provide certain 9
28	28	certified systems with a certain additional percentage of renewable energy credits 10
29	29	toward meeting the renewable energy portfolio standard for solar energy; providing 11
30	30	that a certified system is eligible to receive an additional percentage of renewable 12
31	31	energy credits for the life cycle of the system; increasing the duration of a certain 13
32	32	renewable energy credit under certain circumstances; requiring that certain 14
33	33	prevailing wage provisions apply to the construction of a certain certified system 15
34	34	unless the system is subject to a certain project labor agreement; extending for a 16
35	35	certain number of years a certain personal property tax exemption for certain 17
36	36	community solar energy generating system projects; exempting certain 18
37	37	nonresidential solar generating systems from the State or local real or personal 19
38	38	property tax; authorizing a county or municipal corporation to reduce or eliminate 20
39	39	an assessment on certain real property on which a certain solar energy generating 21
40	40	system is located; requiring a county to enter into a certain payment in lieu of taxes 22
41	41	agreement with an owner of a certain ground–mounted solar generating facility 23
42	42	under certain circumstances; and generally relating to renewable energy facilities 24
43	43	and tax provisions for renewable energy facilities. 25
44	44
45	45	BY repealing and reenacting, with amendments, 26
46	46	Article – Public Utilities 27
47	47	Section 7–306(g) and (i), 7–709(d), and 7–712 28
48	48	Annotated Code of Maryland 29 2 HOUSE BILL 1435
49	49
50	50
51	51	(2020 Replacement Volume and 2023 Supplement) 1
52	52
53	53	BY adding to 2
54	54	Article – Public Utilities 3
55	55	Section 7–306(i) and 7–709.1 4
56	56	Annotated Code of Maryland 5
57	57	(2020 Replacement Volume and 2023 Supplement) 6
58	58
59	59	BY repealing and reenacting, without amendments, 7
60	60	Article – Tax – Property 8
61	61	Section 1–101(j) 9
62	62	Annotated Code of Maryland 10
63	63	(2019 Replacement Volume and 2023 Supplement) 11
64	64
65	65	BY repealing and reenacting, with amendments, 12
66	66	Article – Tax – Property 13
67	67	Section 7–237(c) 14
68	68	Annotated Code of Maryland 15
69	69	(2019 Replacement Volume and 2023 Supplement) 16
70	70
71	71	BY adding to 17
72	72	Article – Tax – Property 18
73	73	Section 7–249, 7–250, and 7–522 19
74	74	Annotated Code of Maryland 20
75	75	(2019 Replacement Volume and 2023 Supplement) 21
76	76
77	77	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 22
78	78	That the Laws of Maryland read as follows: 23
79	79
80	80	Article – Public Utilities 24
81	81
82	82	7–306. 25
83	83
84	84	(g) (1) Except as provided in paragraphs [(6) and (7)] (6), (7), AND (8) of this 26
85	85	subsection, the generating capacity of an electric generating system used by an eligible 27
86	86	customer–generator for net metering may not exceed 2 megawatts. 28
87	87
88	88	(2) An electric generating system used by an eligible customer–generator 29
89	89	for net metering shall meet all applicable safety and performance standards established by 30
90	90	the National Electrical Code, the Institute of Electrical and Electronics Engineers, and 31
91	91	Underwriters Laboratories. 32
92	92
93	93	(3) The Commission may adopt by regulation additional control and testing 33
94	94	requirements for eligible customer–generators that the Commission determines are 34
95	95	necessary to protect public safety and system reliability. 35
96	96	HOUSE BILL 1435 3
97	97
98	98
99	99	(4) An electric company may not require an eligible customer–generator 1
100	100	whose electric generating system meets the standards of paragraphs (2) and (3) of this 2
101	101	subsection to: 3
102	102
103	103	(i) install additional controls; 4
104	104
105	105	(ii) perform or pay for additional tests; or 5
106	106
107	107	(iii) purchase additional liability insurance. 6
108	108
109	109	(5) An eligible customer–generator or the eligible customer–generator’s 7
110	110	assignee shall own and have title to all renewable energy attributes or renewable energy 8
111	111	credits associated with any electricity produced by its electric generating system. 9
112	112
113	113	(6) The Commission may not prohibit the construction or operation of 10
114	114	multiple net metered solar energy generating facilities located on separate contiguous lots 11
115	115	that are owned by a local government solely because the capacity of the combined net 12
116	116	metering systems exceeds the limit established under paragraph (1) of this subsection, if: 13
117	117
118	118	(i) the net metered solar energy generating facilities are intended to 14
119	119	be used solely for the benefit of the local government; 15
120	120
121	121	(ii) the total capacity of the net metered solar energy generating 16
122	122	facilities on the contiguous lots does not exceed 5 megawatts; 17
123	123
124	124	(iii) the contiguous lots were not subdivided for the purpose of 18
125	125	circumventing the limit established under paragraph (1) of this subsection; and 19
126	126
127	127	(iv) the utility serving the net metered solar energy generating 20
128	128	facilities is not an electric cooperative or municipal electric utility. 21
129	129
130	130	(7) The generating capacity of a community solar energy generating system 22
131	131	established under § 7–306.2 of this subtitle that is used for net metering may not exceed 5 23
132	132	megawatts. 24
133	133
134	134	(8) THE GENERATING CAPACI TY OF A NET METERED FACILIT Y THAT 25
135	135	IS METER AGGREGATED UND ER § 7–306.3 OF THIS SUBTITLE MAY NOT EXCEED 5 26
136	136	MEGAWATTS . 27
137	137
138	138	(I) NOTWITHSTANDING THE G ENERATING CAPACITY L IMITS ESTABLISHED 28
139	139	IN SUBSECTION (G) OF THIS SECTION , AN ELIGIBLE CUSTOMER –GENERATOR 29
140	140	PARTICIPATING IN MET ER AGGREGATION UNDER § 7–306.2 OR § 7–306.3 OF THIS 30
141	141	SUBTITLE MAY RECEIVE EXCESS GENERATION FR OM MORE THAN ONE GEN ERATING 31
142	142	SYSTEM INCLUDING IF THE COM BINED GENERATING CAP ACITY OF ALL NET 32
143	143	METERED FACILITIES T HAT ARE METER AGGREGATED EXCEEDS 5 MEGAWATTS . 33
144	144	4 HOUSE BILL 1435
145	145
146	146
147	147	[(i)] (J) On or before November 1 of each year, the Commission shall report to 1
148	148	the General Assembly, in accordance with § 2–1257 of the State Government Article, on the 2
149	149	status of the net metering program under this section, including: 3
150	150
151	151	(1) the amount of capacity of electric generating facilities owned and 4
152	152	operated by eligible customer–generators in the State by type of energy resource; 5
153	153
154	154	(2) based on the need to encourage a diversification of the State’s energy 6
155	155	resource mix to ensure reliability, whether the rated generating capacity limit in subsection 7
156	156	(d) of this section should be altered; and 8
157	157
158	158	(3) other pertinent information. 9
159	159
160	160	7–709. 10
161	161
162	162	(d) (1) Except as PROVIDED IN § 7–709.1 OF THIS SUBTITLE AND 11
163	163	authorized under paragraph (2) of this subsection, a renewable energy credit shall exist for 12
164	164	3 years from the date created. 13
165	165
166	166	(2) A renewable energy credit may be diminished or extinguished before 14
167	167	the expiration of 3 years by: 15
168	168
169	169	(i) the electricity supplier that received the credit; 16
170	170
171	171	(ii) a nonaffiliated entity of the electricity supplier: 17
172	172
173	173	1. that purchased the credit from the electricity supplier 18
174	174	receiving the credit; or 19
175	175
176	176	2. to whom the electricity supplier otherwise transferred the 20
177	177	credit; or 21
178	178
179	179	(iii) demonstrated noncompliance by the generating facility with the 22
180	180	requirements of § 7–704(f) of this subtitle. 23
181	181
182	182	7–709.1. 24
183	183
184	184	(A) (1) IN THIS SECTION THE F OLLOWING WORDS HAVE THE MEANINGS 25
185	185	INDICATED. 26
186	186
187	187	(2) “CERTIFIED SYSTEM ” MEANS A SOLAR ENERGY GENERATING 27
188	188	SYSTEM CERTIFIED BY THE COMMISSION AS ELIGIBL E TO RECEIVE ADDITIO NAL 28
189	189	CREDITS UNDER THE PROGRAM. 29
190	190
191	191	(3) “PROGRAM” MEANS THE SMALL SOLAR ENERGY GENERATING 30
192	192	SYSTEM INCENTIVE PROGRAM. 31 HOUSE BILL 1435 5
193	193
194	194
195	195
196	196	(B) THE COMMISSION SHALL ESTA BLISH A SMALL SOLAR ENERGY 1
197	197	GENERATING SYSTEM INCENTIVE PROGRAM. 2
198	198
199	199	(C) UNDER THE PROGRAM, SOLAR ENERGY GENERAT ING SYSTEMS THAT 3
200	200	ARE CERTIFIED BY THE COMMISSION IN ACCORDA NCE WITH THIS SECTIO N SHALL 4
201	201	BE ELIGIBLE TO RECEI VE ADDITIONAL SOLAR RENEWABLE ENERGY CRE DITS AS 5
202	202	PROVIDED IN THIS SEC TION. 6
203	203
204	204	(D) TO BE ELIGIBLE FOR CE RTIFICATION UNDER TH E PROGRAM, A SOLAR 7
205	205	ENERGY GENERATING SYSTEM SHALL : 8
206	206
207	207	(1) BE LOCATED IN THE STATE; 9
208	208
209	209	(2) BE ELIGIBLE FOR INCL USION IN MEETING THE RENEWABLE 10
210	210	ENERGY PORTFOLIO STA NDARD; 11
211	211
212	212	(3) HAVE A GENERATING CA PACITY OF 2 MEGAWATTS OR LESS , AS 12
213	213	MEASURED BY THE ALTE RNATING CURRENT RATI NG OF THE SYSTEM ’S INVERTER; 13
214	214	AND 14
215	215
216	216	(4) BE PLACED IN SERVICE BETWEEN JULY 1, 2024, AND JANUARY 1, 15
217	217	2028, INCLUSIVE. 16
218	218
219	219	(E) THE TOTAL AMOUNT OF I N–STATE GENERATING CAPA CITY FOR 17
220	220	CERTIFIED SYSTEMS , AS MEASURED BY THE A LTERNATING CURRENT R ATING OF 18
221	221	THE SYSTEMS’ INVERTERS UNDER THE PROGRAM MAY NOT EXCEE D: 19
222	222
223	223	(1) 330 MEGAWATTS FOR SYSTEM S WITH A GENERATING CAPACITY OF 20
224	224	LESS THAN 20 KILOWATTS, AS MEASURED BY THE A LTERNATING CURRENT RATING 21
225	225	OF THE SYSTEM ’S INVERTER; AND 22
226	226
227	227	(2) 300 MEGAWATTS FOR SYSTEM S WITH A GENERATING CAPACITY OF 23
228	228	BETWEEN 20 KILOWATTS AND 2 MEGAWATTS , AS MEASURED BY THE A LTERNATING 24
229	229	CURRENT RATING OF TH E SYSTEM’S INVERTER. 25
230	230
231	231	(F) (1) THE OWNER OF A SOLAR ENERGY GENERATING SY STEM MAY 26
232	232	APPLY TO THE COMMISSION TO BE CERT IFIED UNDER THE PROGRAM. 27
233	233
234	234	(2) THE OWNER OF A CERTIFIED SYSTEM SHA LL PAY A ONE–TIME FEE 28
235	235	OF $100 TO THE COMMISSION AT THE TIM E OF THE CERTIFICATI ON. 29
236	236	6 HOUSE BILL 1435
237	237
238	238
239	239	(3) THE COMMISSION SHALL USE THE FEES COLLECTED U NDER 1
240	240	PARAGRAPH (2) OF THIS SUBSECTION T O PAY FOR COSTS ASSO CIATED WITH 2
241	241	ADMINISTERING THE PROGRAM. 3
242	242
243	243	(G) (1) A CERTIFIED SYSTEM UND ER THE PROGRAM SHALL RECEIVE : 4
244	244
245	245	(I) FOR SYSTEMS WITH A G ENERATING CAPACITY O F UP TO 2 5
246	246	MEGAWATTS , AS MEASURED BY THE A LTERNATING CURRENT R ATING OF THE 6
247	247	SYSTEM’S INVERTER, 150% CREDIT TOWARD MEETIN G THE RENEWABLE ENER GY 7
248	248	PORTFOLIO STANDARD FOR ENERGY DERIVED FROM SOLAR ; AND 8
249	249
250	250	(II) FOR SYSTEMS WITH A G ENERATING CAPACITY O F UP TO 2 9
251	251	MEGAWATTS , AS MEASURED BY THE A LTERNATING CURRENT R ATING OF THE 10
252	252	SYSTEM’S INVERTER, THAT ARE LOCATED ON A ROOFTOP, A PARKING CANOPY , OR A 11
253	253	BROWNFIELD , 200% CREDIT TOWARD MEETIN G THE RENEWABLE ENER GY 12
254	254	PORTFOLIO STANDARD F OR ENERGY DERIVED FR OM SOLAR. 13
255	255
256	256	(2) A CERTIFIED SYSTEM IS ELIGIBLE TO RECEIVE THE PERCENTAGE 14
257	257	CREDIT SPECIFIED IN PARAGRAPH (1) OF THIS SUBSECTION F OR THE ENTIRE 15
258	258	LIFE CYCLE OF THE SY STEM. 16
259	259
260	260	(H) NOTWITHSTANDING § 7–709(D)(1) OF THIS SUBTITLE , A CREDIT 17
261	261	CREATED BY A CERTIFI ED SYSTEM UNDER THE PROGRAM SHALL EXIST F OR 5 YEARS 18
262	262	FROM THE DATE CREATE D. 19
263	263
264	264	(I) THE DEVELOPER OF A CE RTIFIED SYSTEM UNDER TH E PROGRAM THAT 20
265	265	HAS A GENERATING CAP ACITY OVER 1 MEGAWATT , AS MEASURED BY THE 21
266	266	ALTERNATING CURRENT RATING OF THE SYSTEM ’S INVERTER, SHALL ENSURE THAT 22
267	267	WORKERS ARE PAID NOT LESS THAN THE PREVAI LING WAGE RATE DETER MINED 23
268	268	UNDER TITLE 17, SUBTITLE 2 OF THE STATE FINANCE AND PROCUREMENT 24
269	269	ARTICLE, UNLESS THE SYSTEM IS SUBJECT TO A PROJECT LABOR AGREEMENT 25
270	270	THAT: 26
271	271
272	272	(1) BINDS ALL CONTRACTOR S AND SUBCONTRACTORS ON THE 27
273	273	SYSTEM THROUGH THE I NCLUSION OF SPECIFIC ATIONS IN ALL RELEVA NT 28
274	274	SOLICITATION PROVISI ONS AND CONTRACT DOCUM ENTS; 29
275	275
276	276	(2) ALLOWS ALL CONTRACTO RS AND SUBCONTRACTOR S TO COMPETE 30
277	277	FOR CONTRACTS AND SU BCONTRACTS ON THE PR OJECT WITHOUT REGARD TO 31
278	278	WHETHER THEY ARE OTH ERWISE PARTIES TO CO LLECTIVE BARGAINING 32
279	279	AGREEMENTS ; 33
280	280	HOUSE BILL 1435 7
281	281
282	282
283	283	(3) ESTABLISHES UNIFORM TERMS AND CONDITIONS OF 1
284	284	EMPLOYMENT FOR ALL C ONSTRUCTION LABOR EM PLOYED ON THE PROJEC TS; 2
285	285
286	286	(4) GUARANTEES AGAINST S TRIKES, LOCKOUTS, AND SIMILAR JOB 3
287	287	DISRUPTIONS; 4
288	288
289	289	(5) ESTABLISHES MUTUALLY BINDING PROCEDURES F OR RESOLVING 5
290	290	LABOR DISPUTES ; AND 6
291	291
292	292	(6) INCLUDES ANY OTHER PROVISIONS NEGOTIATED BY THE PA RTIES 7
293	293	TO PROMOTE SUCCESSFU L DELIVERY OF THE SY STEM. 8
294	294
295	295	7–712. 9
296	296
297	297	Subject to § 2–1257 of the State Government Article, on or before December 1 of each 10
298	298	year the Commission shall report to the General Assembly on the status of implementation 11
299	299	of this subtitle, including: 12
300	300
301	301	(1) the availability of Tier 1 renewable sources[,]; 13
302	302
303	303	(2) projects supported by the Fund[,]; 14
304	304
305	305	(3) INFORMATION REGARDIN G THE STATUS OF THE SMALL SOLAR 15
306	306	ENERGY GENERATING SYSTEM INCENTIVE PROGRAM ESTABLISHED U NDER § 16
307	307	7–709.1 OF THIS SUBTITLE , INCLUDING THE TOTAL AMOUNT OF GENERATING 17
308	308	CAPACITY OF THE SYST EMS CERTIFIED UNDER THE PROGRAM; and 18
309	309
310	310	(4) other pertinent information. 19
311	311
312	312	SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read 20
313	313	as follows: 21
314	314
315	315	Article – Tax – Property 22
316	316
317	317	1–101. 23
318	318
319	319	(j) (1) “Department” means the State Department of Assessments and 24
320	320	Taxation. 25
321	321
322	322	(2) “Department” includes, unless the context requires otherwise, a 26
323	323	supervisor. 27
324	324
325	325	7–237. 28
326	326	8 HOUSE BILL 1435
327	327
328	328
329	329	(c) (1) (i) In this subsection the following words have the meanings 1
330	330	indicated. 2
331	331
332	332	(ii) “Agrivoltaics” means the simultaneous use of areas of land for 3
333	333	both solar power generation and agriculture. 4
334	334
335	335	(iii) “Brownfield” means: 5
336	336
337	337	1. a former industrial or commercial site identified by federal 6
338	338	or State laws or regulations as contaminated or polluted; or 7
339	339
340	340	2. a closed municipal or rubble landfill regulated under a 8
341	341	refuse disposal permit by the Department of the Environment. 9
342	342
343	343	(iv) “Community solar energy generating system” has the meaning 10
344	344	stated in § 7–306.2 of the Public Utilities Article. 11
345	345
346	346	(v) “Electric company” has the meaning stated in § 1–101 of the 12
347	347	Public Utilities Article. 13
348	348
349	349	(2) This subsection applies through the life cycle of a community solar 14
350	350	energy generating system that: 15
351	351
352	352	(i) is placed in service after June 30, 2022; and 16
353	353
354	354	(ii) has been approved on or before December 31, [2025] 2030, by 17
355	355	the Public Service Commission under § 7–306.2 of the Public Utilities Article. 18
356	356
357	357	(3) Personal property is exempt from county or municipal corporation 19
358	358	property tax if the property is machinery or equipment that is part of a community solar 20
359	359	energy generating system that: 21
360	360
361	361	(i) has a generating capacity that does not exceed 2 megawatts as 22
362	362	measured by the alternating current rating of the system’s inverter; 23
363	363
364	364	(ii) provides at least 50% of the energy it produces to low– or 24
365	365	moderate–income customers at a cost that is at least 20% less than the amount charged by 25
366	366	the electric company that serves the area where the community solar energy generating 26
367	367	system is located; and 27
368	368
369	369	(iii) 1. is used for agrivoltaics; or 28
370	370
371	371	2. is installed on a rooftop, brownfield, parking facility 29
372	372	canopy, landfill, or clean fill. 30
373	373
374	374	(4) On or before October 1 each year, the Department shall report to the 31
375	375	Senate Budget and Taxation Committee and the House Ways and Means Committee, in 32 HOUSE BILL 1435 9
376	376
377	377
378	378	accordance with § 2–1257 of the State Government Article, on the number and location of 1
379	379	projects that, in the immediately preceding taxable year, have received the exemption 2
380	380	under this subsection. 3
381	381
382	382	7–249. 4
383	383
384	384	NONRESIDENTIAL SOLAR ENERGY GENERATING SY STEMS THAT ARE 5
385	385	CONSTRUCTED ON THE R OOFTOPS OF BUILDINGS OR ON PARKING FACILI TY 6
386	386	CANOPIES ARE NOT SUBJ ECT TO VALUATION OR TO PROPERTY TAX . 7
387	387
388	388	7–250. 8
389	389
390	390	(A) THE GOVERNING BODY OF A COUNTY OR MUNICIPA L CORPORATION MAY 9
391	391	REDUCE OR ELIMINATE , BY LAW, THE PERCENTAGE OF TH E ASSESSMENT OF ANY 10
392	392	REAL PROPERTY THAT I S SUBJECT TO THE COU NTY OR MUNICIPAL COR PORATION 11
393	393	PROPERTY TAX UNDER T HIS ARTICLE IF THE R EAL PROPERTY INCLUDE S A PARKING 12
394	394	FACILITY ON WHICH A SOLAR ENERGY GENERAT ING SYSTEM HAS BEEN 13
395	395	CONSTRUCTED ON ITS C ANOPY. 14
396	396
397	397	(B) (1) A COUNTY OR MUNICIPAL CORPORATION THAT RED UCES OR 15
398	398	ELIMINATES THE PERCE NTAGE OF ASSESSM ENT OF TAXABLE REAL PROPERTY 16
399	399	UNDER SUBSECTION (A) OF THIS SECTION SHAL L SUBMIT A COPY OF T HE LAW TO 17
400	400	THE DEPARTMENT . 18
401	401
402	402	(2) IF THE DEPARTMENT RECEIVES A COPY OF THE LAW ON O R 19
403	403	BEFORE MAY 1, THE CHANGE WILL BE E FFECTIVE FOR THE TAX ABLE YEAR 20
404	404	FOLLOWING THE DAT E THE LAW IS ENACTED . 21
405	405
406	406	(C) IF ANY REAL PROPERTY IS EXEMPT UNDER SUBS ECTION (B) OF THIS 22
407	407	SECTION FROM COUNTY PROPERTY TAX BUT IS SUBJECT TO MUNICIPAL 23
408	408	CORPORATION PROPERTY TAX, THE DEPARTMENT OR THE SUP ERVISOR SHALL 24
409	409	PROVIDE THE MUNICIPA L CORPORATION WITH THE ASSESSMENT OF TH E REAL 25
410	410	PROPERTY. 26
411	411
412	412	(D) THE DEPARTMENT MAY ADOPT REGULATIONS TO IMPLE MENT THIS 27
413	413	SECTION. 28
414	414
415	415	7–522. 29
416	416
417	417	THE GOVERNING BODY OF A COUNTY SHALL EXEMPT OR PARTIALLY EXEMPT 30
418	418	A GROUND–MOUNTED SOLAR ENERGY GENERATING SYSTEM FR OM THE COUNTY 31
419	419	REAL OR PE RSONAL PROPERTY TAX IF THE OWNER OF THE SYSTEM AND THE 32
420	420	COUNTY ENTER INTO A PAYMENT IN LIEU OF T AXES AGREEMENT , APPROVED BY 33
421	421	ORDINANCE OF THE LEG ISLATIVE BODY OF THE COUNTY, THAT SPECIFIES: 34 10 HOUSE BILL 1435
422	422
423	423
424	424
425	425	(1) THAT THE OWNER OF TH E SYSTEM SHALL PAY T O THE COUNTY 1
426	426	EACH YEAR IN LIEU OF THE PA YMENT OF COUNTY REAL OR PERSONAL PROPERTY 2
427	427	TAXES DURING THE TER M OF THE AGREEMENT THE SUM OF $2,500 PER MEGAWATT 3
428	428	OF GENERATING CAPACI TY OF THE SYSTEM , AS MEASURED BY THE A LTERNATING 4
429	429	CURRENT RATING OF TH E SYSTEM’S INVERTER; 5
430	430
431	431	(2) THE TERM OF THE AGREEMENT ; AND 6
432	432
433	433	(3) THAT EACH YEAR AFTER THE EXPIRATION OR TE RMINATION OF 7
434	434	THE AGREEMENT , FULL REAL AND PERSON AL PROPERTY TAXES SH ALL BE PAYABLE 8
435	435	ON THE PROPERTY . 9
436	436
437	437	SECTION 3. AND BE IT FURTHER ENACTED, That a presently existing obligation 10
438	438	or contract right may not be impaired in any way by this Act. 11
439	439
440	440	SECTION 4. AND BE IT FURTHER ENACTED, That Section 2 of this Act shall be 12
441	441	applicable to all taxable years beginning after June 30, 2024. 13
442	442
443	443	SECTION 5. AND BE IT FURTHER ENACTED, That this Act shall take effect June 14
444	444	1, 2024. 15
445	445