The bill amends the General Property Tax Act to introduce 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 the eligibility of the property and grant the exemption if it qualifies. Additionally, owners of the exempt infrastructure are required to submit an annual report by March 31 detailing the replaced infrastructure, its condition, and the improvements 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