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 exempt from the utility property tax and 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, the bill introduces provisions for the calculation and payment of utility property tax in future agreements, ensuring that once the state education tax becomes applicable, it can be included in new payment agreements or paid separately based on the facility's imputed value.

The bill also includes new definitions and requirements for property used in electricity generation, excluding certain entities involved in electricity distribution or transmission. It mandates that owners of exempt property 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 and municipal taxes, as specified in the new legal language added to RSA 83-F:9. The act is set to 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