The proposed bill, General Assembly Proposed Bill No. 5231, aims to amend current statutes to establish property tax exemptions for specific renewable energy systems. These systems include solar, geothermal, and hydropower, as well as other Class I renewable energy sources. The exemptions will be determined based on factors such as the installation date, generation capacity, and the location of the renewable energy systems.

The bill does not specify any deletions from current law but introduces new legal language to facilitate the implementation of these property tax exemptions. The intent of the legislation is to promote the adoption of renewable energy technologies by providing financial incentives through tax relief, thereby supporting environmental sustainability and energy efficiency initiatives.