This bill amends the General Laws in Chapter 44-5 regarding the levy and assessment of local taxes, specifically focusing on the taxation of renewable energy resources. It establishes that cities and towns shall only tax renewable energy resources at a rate of five dollars ($5.00) per kilowatt of alternating current nameplate capacity for tangible property and three dollars and fifty cents ($3.50) per kilowatt for real property. The bill removes previous language that allowed for more flexible taxation based on rules and regulations.

Additionally, the bill introduces a new section to the Renewable Ready Program, designating renewable energy resources proposed on previously contaminated properties as a by-right, permitted use under local zoning codes. This designation means that such projects will be considered consistent with municipal comprehensive plans and will not be deemed to have significant negative environmental impacts. The applicant is responsible for proving that the site is indeed previously contaminated, with specific criteria outlined for such designation.

The act is set to take effect upon passage.