A new bill focused on spurring renewable energy within South Carolina has successfully passed through the state senate.
The Renewable Energy Economic Development Bill (S.44), would give residential PV owners the opportunity to earn a 100% property tax exemption, while commercial and utilty-scale projects are eligible for 80% exemptions on property taxes.
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This reduction would go into effect for any business personal property, manufacturing property and utility property in service after 2012.
State senate members amended and passed the bill by a 38-4 vote last week, according to the Greenville Journal.
Bret Sowers, chairman of the South Carolina Solar Business Alliance, said: “S.44 promotes economic growth and creates the opportunity for numerous renewable energy jobs to South Carolina by lowering property tax hurdles on renewable energy developments in the state.”
Sowers added: “This legislation is a signal that South Carolina welcomes the expansion of the clean energy industry. Renewable energy projects will provide counties a substantial increase in discretionary tax revenues without any increased burden on the services they provide.”
