(a) An electricity generation facility or electricity storage facility that is constructed and placed into service on or after July 1, 2024, is not subject to state and local ad valorem, income, and excise taxes if the electricity generation facility is

1. (1) operated by a public utility or joint action agency established under AS 42.45.310; or
2. (2) operated by an entity other than a public utility and provides power only to a public utility.