This bill amends existing laws regarding the taxation of electric generating facilities, specifically addressing their exemption from the 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 (PILOT) to municipalities will not be liable for the state education tax until their PILOT agreement expires or until July 1, 2032, whichever comes first. Additionally, the bill introduces a new section to RSA 72, which outlines the transition to the payment of the state education property tax for these facilities, and specifies that if the state education tax is paid separately from the PILOT, it will be calculated based on the imputed value of the facility as determined by the Department of Revenue Administration.

Furthermore, the bill includes new definitions and requirements for the utility property tax, specifically exempting property used for electricity generation from the utility property tax, with certain exceptions. It mandates that owners of exempted properties file a designated form by May 1 each year to help the Department maintain an inventory of taxable and non-taxable properties. The bill also clarifies that while properties subject to the utility property tax are exempt from the state education tax, this exemption does not apply to local school, municipal, district, or county taxation, except as specified in the new section added to RSA 72. The effective date for these changes is set for July 1, 2027.

Statutes affected:
Introduced: 83-F:1, 83-F:9