June 12, 2008
Contact: John Gorman / 609-292-5199Senator Christopher Bateman (R-16), Senator Philip E. Haines (R-8)
Businesses and Homeowners Would Benefit From Tax Exemption
Legislation sponsored by Senator Christopher “Kip” Bateman (R-16) and Senator Phil Haines (R-8) that uses tax breaks to encourage the use of renewable energy sources was unanimously passed by the State Senate today.
“Renewable energy is the power of the future, ” Bateman stated. “It is clean, limitless and has a much lower environmental impact than fossil fuel technologies. Unfortunately, initial installation costs can be a deterrent, but this bill makes the equipment much more cost-effective.”
Senate Bill 241 provides a property tax exemption for the installation and maintenance of certain renewable energy systems. The bill applies to residential, commercial and industrial property.
“Rising gas prices, increasing electricity rates and mounting home heating and air conditioning costs, coupled with this tax incentive should be ample motivation for businesses and homeowners to pursue the installation of a renewable energy system, ” Haines added. “Businesses and homeowners will save money, protect the environment and lessen our state’s dependency on non-renewable resources, all at the same time.”
Previously, the Legislature had established an exemption from taxation for property taxpayers who installed a certified solar energy system on their property. However, the program expired in 1987. The bill now heads to the Assembly for consideration.
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