Exemption from certain property taxes for qualified energy systems: Requirements and limitations; regulations

1. For purposes of the assessment of property pursuant to chapter 361 of NRS: (a) Except as otherwise provided in paragraph (b), a qualified system is exempt from taxation. (b) A qualified system is not exempt from taxation: (1) During any period in which the qualified system is subject to another abatement or exemption pursuant to this chapter or NRS 361.045 to 361.159, inclusive, from the taxes imposed pursuant to chapter 361 of NRS; or (2) If the system is constructed after July 1, 2009, and is part of a facility which is eligible for a partial abatement of taxes pursuant to NRS 701A.360. 2. The Nevada Tax Commission shall adopt such regulations as it determines to be necessary for the administration of this section. 3. As used in this section, “qualified system” means any system, method, construction, installation, machinery, equipment, device or appliance which is designed, constructed or installed in or adjacent to one or more buildings or an irrigation system in an agricultural operation to heat or cool the building or buildings or water used in the building or buildings, or to provide electricity used in the building or buildings or irrigation system regardless of whether the owner of the system, building or buildings or irrigation system participates in net metering pursuant to NRS 704.766 to 704.776, inclusive, by using: (a) Energy from the wind or from solar devices; (b) Geothermal resources; (c) Energy derived from conversion of solid wastes; or (d) Waterpower, Ê which conforms to standards established by regulation of the Nevada Tax Commission.