(Aug. 6) – A new law sponsored by Rep. Max Tyler (D-Lakewood) giving a boost to people and groups that invest in renewable energy went into effect today.
Previously, community solar garden operators had to pay property tax on the property used to generate electricity. Under the new law, which Rep. Tyler sponsored as HB14-1101, the business personal property tax will not be levied on participating residential, nonprofit and governmental users.
The new law will save Colorado citizens an estimated $200,000 a year in business personal property taxes.
“We’re rewarding people who are doing the right thing by investing in renewable energy, and we aren’t busting the budget,” Rep. Tyler said.
HB14-1101 was one of more than 100 laws passed during the 2014 legislative session that went into effect today, the 90th day after the end of the session.