This bill amends existing laws regarding the taxation of electric generating facilities, specifically addressing their exemption from utility property tax and the state education tax. It establishes that electric generating facilities that are exempt from the utility property tax and are making payments in lieu of taxes to municipalities will not be liable for the state education tax until their payment agreement expires or until July 1, 2032, whichever comes first. Additionally, once the state education tax becomes applicable, it can either be included in a new payment in lieu of taxes agreement or paid separately, with the amount determined based on the facility's imputed value as calculated by the department of revenue administration.

The bill also introduces new definitions and requirements for property used in electricity generation, excluding properties owned by entities involved in electricity distribution or transmission. It mandates that owners of exempt properties file an annual form to help the department maintain an inventory of taxable and non-taxable assets. Furthermore, it clarifies that while properties subject to utility property tax are exempt from the state education tax, they are still liable for local school, municipal, district, or county taxes, as specified in the new legal language added to RSA 83-F:9. The provisions of this act will take effect on July 1, 2027, and will apply to tax periods beginning on or after April 1, 2028.

Statutes affected:
Introduced: 83-F:1, 83-F:5, 83-F:9
As Amended by the Senate: 72:74, 83-F:1, 83-F:9
Version adopted by both bodies: 72:74, 83-F:1, 83-F:9
CHAPTERED FINAL VERSION: 72:74, 83-F:1, 83-F:5, 83-F:9