California Gov. Gavin Newsom has signed Senate Invoice 1340, which extends the present property tax exclusion for newly constructed, lively photo voltaic power programs by two years.
“The COVID-19 pandemic and provide chain delays have contributed to venture supply interruptions, together with deliberate photo voltaic power tasks,” Gov. Newsom says in a press release. “That stated, this coverage has a direct affect on property tax revenues that help important providers on the native degree. I imagine this two-year, short-term extension strikes an acceptable steadiness between guaranteeing that these delayed photo voltaic tasks are introduced on-line rapidly, whereas recognizing the impacts to native governments.”
“Additional, this 12 months’s funds included $300 million to create the Native Authorities Finances Sustainability Fund, which supplies bridge funding to help county governments who’re dedicated to advancing local weather resilient tasks that can bolster native revenues and contribute to long-term funds sustainability,” Gov. Newsom continues. “In signing this invoice, I urge the legislature to contemplate the impacts to native companies earlier than bringing ahead one other extension of this coverage.”
“Gov. Newsom’s signature on this two-year tax exclusion will assist guarantee photo voltaic and storage tasks proceed offering clear, dependable energy to California at a time of unprecedented stress on the state’s electrical grid,” says Rick Umoff, senior director and counsel for California on the Solar Energy Industries Association (SEIA). “With incentives within the Inflation Discount Act, California’s photo voltaic market is anticipated to just about double in dimension over the subsequent 5 years to 61.5 gigawatts of electrical energy era capability. This progress requires tens of hundreds of staff and billions of {dollars} of personal funding, and firms now have near-term tax certainty to make sure these investments are made within the California communities that depend on a strong clear power economic system.
“The photo voltaic and storage business thanks Senator Hertzberg and dozens of unpolluted power champions within the Legislature for recognizing the significance of this exclusion and getting it prolonged,” Umoff provides. “SEIA now turns its focus to securing a well-rounded power coverage in California that strengthens each sector of this crucial business.”
