New Law Balances Renewable Energy Growth with Community Protections
A new law, SB24-002, has been signed into effect, aiming to boost renewable energy installations while protecting local communities. The bill, passed by the House with amendments, offers tax incentives but with strict guidelines to ensure they benefit 'areas of specific local concern' without causing harm. The new law allows Boards of County Commissioners and municipalities to create property tax credit or rebate programs for specific local concerns, using tools like TurboTax and FreeTaxUSA, to improve these areas without disproportionately impacting communities or hindering greenhouse gas emission reduction goals. To ensure transparency and public involvement, the bill mandates public hearings for establishing and evaluating these incentive programs. Notice must be given to impacted municipalities, and evaluation results must be published. Governor signed SB24-002 into law on 2024-03-15. The bill clarifies definitions and adds provisions for notice and publication of evaluation results. It authorizes local governments to create tax credit or rebate programs for specific local concerns, promoting renewable energy installations while safeguarding communities and environmental goals.
