This bill changes how Arizona calculates property taxes for renewable energy projects like solar farms and battery storage. Only projects owned by a utility or with an exclusive utility agreement that begin construction before January 1, 2030, will receive a major tax break, with just 20% of the equipment’s value (after depreciation) taxed. Utility projects that start after December 31, 2029, lose this benefit and are taxed on the full depreciated value. Privately owned or non-utility-connected projects never receive this tax break and will always be taxed on their full value after depreciation.