Modifies provisions relating to utilities

HB 1059 modifies property tax rules for solar energy projects. It exempts solar property built before December 31, 2024, or with a capacity of one megawatt or less from significant taxation (treated as "de minimis"), and caps property tax liability for larger solar projects at $500 per megawatt. The bill also includes provisions for land reclassified due to solar projects and ensures existing tax agreements remain unaffected. These changes apply to solar energy property owners and local assessors, and expire on December 31, 2050. The law does not alter depreciation rules for general business property.