Raised Bill No. 5442, introduced in the February Session, 2024, addresses the utilization of federal funds for energy storage systems and the potential changes to state taxation of these systems. The bill proposes an amendment to Section 16-243ee of the general statutes by adding a new subsection (e), which mandates the Public Utilities Regulatory Authority to expand incentives for electric energy storage resources by authorizing the use of any federal funds available under the Inflation Reduction Act of 2022. Additionally, the Connecticut Green Bank or the Department of Energy and Environmental Protection is permitted to transfer federal funds to electric distribution companies for the purpose of expanding incentives within the program authorized by the Public Utilities Regulatory Authority.

The bill also calls for the Office of Policy and Management to conduct a study on the feasibility and potential benefits of exempting energy storage systems from property tax and considering a uniform tax on storage capacity. The study is to include a summary of the current tax framework, a review of other states' taxation methods, an evaluation of the incentives for energy storage systems, and recommendations for legislative changes concerning their taxation. The findings are to be reported to the relevant General Assembly committee by January 1, 2025. The bill's purpose is to ensure the use of federal funds from the Inflation Reduction Act to enhance energy storage battery programs and to evaluate potential changes to the taxation of energy storage batteries. There are no deletions indicated in the provided text.

Statutes affected:
Raised Bill: 16-243ee