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 their presence, 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 municipal comprehensive plans and are deemed to have no significant negative environmental impacts. The applicant is responsible for establishing that the proposed site is a previously contaminated property, with specific criteria outlined for such designation.

The act will take effect upon passage.