This bill amends the General Property Tax Act of 1893 by adding a new section, 7yy, which provides a tax exemption for qualified replacement electric distribution infrastructure for taxes levied after December 31, 2025. To qualify for this exemption, property owners must submit an application to their local assessing unit by March 1 each year. The local assessing unit, in coordination with the Department of Treasury, will determine if the property qualifies and grant the exemption if it does. Additionally, owners of the exempt infrastructure are required to submit an annual report detailing the replaced infrastructure, its condition prior to replacement, and any improvements in reliability and safety resulting from the replacement.

The bill also defines key terms such as "cooperative electric utility," "qualified replacement electric distribution infrastructure," and "depreciated electric distribution infrastructure" as they relate to the replacement electric distribution infrastructure specific tax act. The enactment of this bill is contingent upon the passage of House Bill No. 4788.

Statutes affected:
House Introduced Bill: 211.1, 211.155