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REFERENCE TITLE: renewable energy equipment; valuation |
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State of Arizona House of Representatives Fiftieth Legislature Second Regular Session 2012
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HB 2335 |
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Introduced by Representatives Jones, Chabin, Pancrazi: Barton, Crandell, Goodale, Judd, McLain, Miranda C, Saldate, Urie
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AN ACT
Amending section 42-14155, Arizona Revised Statutes; relating to valuation of centrally assessed property.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 42-14155, Arizona Revised Statutes, is amended to read:
42-14155. Valuation of renewable energy equipment; definition
A. Through December 31, 2040, the department shall determine the valuation of taxable renewable energy equipment in the manner prescribed by this section.
B. The value of renewable energy equipment is twenty per cent of the depreciated cost of the equipment. Any renewable energy equipment that is valued under this subsection shall not be entitled, in the same tax year, to a reduction in value of the same equipment on a claim of functional obsolescence by the owner or possessor of the equipment.
C. For the purposes of this section, "renewable energy equipment" means electric generation facilities, electric transmission, electric distribution, gas distribution or combination gas and electric transmission and distribution and transmission and distribution cooperative property that is located in this state, that is used or useful for the generation, storage, transmission or distribution of electric power, energy or fuel derived from solar, wind or other nonpetroleum renewable sources not intended for self‑consumption, including materials and supplies and construction work in progress, but excluding licensed vehicles and property valued under sections 42‑14154 and 42‑14156.