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 clarifies that renewable energy resources shall only be taxed as tangible property and that the real property on which they are located shall not be reclassified, revalued, or reassessed due to the presence of renewable energy resources, except for farmland reclassification.

Additionally, the bill introduces a new section to the Renewable Ready Program, allowing renewable energy resources proposed on previously contaminated properties to be a by-right, permitted use under local zoning codes. This designation ensures that such projects are consistent with the municipality's comprehensive plan and are deemed to have no significant negative environmental impacts. The applicant must establish that the proposed site is a previously contaminated property, which can be evidenced by state or federal designation, environmental assessments, or meeting the definition of a brownfield site.

The proposed renewable energy resource shall proceed through the municipality's planning and zoning procedures applicable to a by-right use and must comply with the ordinance requirements set forth in the municipality's industrial and/or manufacturing zone, with a maximum structural lot coverage of seventy-five percent (75%). The act will take effect upon passage.