An Act relating to the taxation of electric cooperatives; relating to the taxation of electricity generation and electricity storage facilities; and providing for an effective date.

HB 268 exempts electric cooperatives from state and local property, income, and excise taxes. It also creates tax exemptions for new electricity generation and storage facilities built after July 1, 2024, if operated by public utilities or serving only other utilities or new customers without prior service as of July 2026. The bill adjusts tax refund rules, requiring local governments to receive refunds based on where cooperative revenue was earned, except when earned outside city limits. The changes take effect July 1, 2026.