Energy storage systems; definitions, tax exemption, revenue share for systems. (HB2006)

Introduced By

Del. Steve Heretick (D-Portsmouth) with support from co-patrons Del. Carrie Coyner (R-Chesterfield), Del. Kaye Kory (D-Falls Church), Del. Roslyn Tyler (D-Jarratt), and Sen. Scott Surovell (D-Mount Vernon)

Description

Tax exemptions for energy storage systems. Declares that energy storage systems are included in the definition of certified pollution control equipment and facilities, making energy storage systems exempt from state and local taxation. The bill defines "energy storage system" as equipment, facilities, or devices that are capable of absorbing energy, storing it for a period of time, and redelivering that energy after it has been stored. The tax exemption applies only to certain projects with alternating current (AC) storage capacity of more than five megawatts and less than 150 megawatts. The bill also allows localities to assess a revenue share of up to $1,400 per megawatt on energy storage systems. The bill provides that on July 1, 2026, and every five years thereafter, the maximum amount of the revenue share that a locality may impose on energy storage systems as well as certain solar energy projects shall be increased by 10 percent. No increase may be made to any revenue share imposed by a locality on a solar energy project or energy storage systems for which an application has been filed with the locality and such application has been approved prior to January 1, 2021. The bill defines energy storage systems as electric suppliers whose property shall be assessed by the State Corporation Commission. This bill is identical to SB 1201. Read the Bill »

Status

08/03/2021: Awaiting a Vote in the Finance and Appropriations Committee

History