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 new provisions for calculating and paying utility property taxes in future agreements, including a requirement for property owners to file a form to help the department maintain an inventory of taxable and non-taxable properties.

The bill also includes a new definition of exempt property related to electricity generation and clarifies that while certain properties are exempt from the state education tax, they are still subject to local school, municipal, district, or county taxation, as specified in the new legal language. The act is set to apply to tax periods beginning on or after April 1, 2028, and will take effect on July 1, 2027.

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