Gov. Pat Quinn, D-Ill., has signed legislation to encourage investment in Illinois' renewable energy sector and further build the state's green economy. The new laws extend property-tax relief for wind farms and give local governments the authority to finance green projects in unincorporated areas of the state.
H.B.4797 amends a provision in the property-tax code that provides tax certainty for wind farms. The bill extends the sunset of the provision through 2016 to keep the property-tax assessment of wind energy devices uniform across the state, which gives the wind energy industry the ability to anticipate operating costs. Previously, property taxes for wind farms were assessed based on where they were located, and assessments across the state were inconsistent.
Quinn also signed H.B.4758, which expands upon an existing law to offer Property Assessed Clean Energy (PACE) financing to unincorporated areas of the state. Under the new law, local governments will be able to offer PACE financing to more Illinois residents and businesses that want to make green improvements to their property. The law is effective immediately.
SOURCE: Office of Gov. Pat Quinn
