The proposed bill aims to enhance renewable energy development in Washington through a series of tax incentives and community investments. It introduces exemptions from property taxation for personal property used in generating and storing renewable energy, applicable to facilities that become operational or are repowered on or after January 1, 2026, as well as those operational before this date. The bill establishes a renewable energy excise tax starting January 1, 2027, with rates determined by the type of renewable energy system and its operational date. Revenue from this excise tax will be allocated to state and local community investment accounts, with provisions for annual adjustments based on inflation and exclusions from property tax calculations for local taxing districts.

Additionally, the bill outlines new regulations for the decommissioning of wind energy facilities, requiring grantees to remove installations and restore land to its original condition, along with providing financial assurance for decommissioning costs. It also establishes a biennial capacity grant program for federally recognized tribes, with funding aimed at supporting clean energy projects and climate resilience. The legislation includes provisions for transparency in tax revenue processes while ensuring taxpayer confidentiality, and it repeals certain existing laws related to renewable energy generation and storage. Overall, the bill seeks to promote renewable energy initiatives while ensuring that local communities benefit economically from these projects.

Statutes affected:
Original Bill: 84.55.010, 84.55.030, 84.55.092, 52.02.160, 82.32.330, 82.96.020