PANELS Act

Bill 119 hr 1237 aims to make changes to the Internal Revenue Code of 1986 regarding the energy credit for properties located on prime or unique farmland. The bill proposes to deny the energy credit to properties that are classified as prime or unique farmland by the Secretary of Agriculture in part 657 of title 7, Code of Federal Regulations, if the property is being used for generating solar energy.

This means that if a property is considered prime or unique farmland and is being used for solar energy generation, it would no longer be eligible for the energy credit under the proposed amendment. The intention behind this change is to protect valuable farmland from being used for solar energy production, potentially impacting food production and agricultural resources.

The bill does not specify any alternative measures or incentives for renewable energy production on farmland, but rather focuses on restricting the energy credit for properties on prime or unique farmland. It is important to note that this bill is still in the early stages of the legislative process and may undergo revisions or amendments before potentially becoming law.