Bill > HB696

This bill addresses taxation for electricity generators by making several key changes to property tax regulations. Specifically, it exempts electricity generation properties from the Utility Property Tax (UPT) and creates a nuanced transition for these properties' liability for the Statewide Education Property Tax (SWEPT). For electric generating facilities that have a Payment in Lieu of Taxes (PILOT) agreement in effect as of July 1, 2027, the facility will not be required to pay the state education tax until either their current PILOT agreement expires or until July 1, 2032, whichever comes first. Once the state education tax becomes due, it can be included in a new PILOT agreement or paid separately, with the tax amount determined using the facility's imputed value calculated by the Department of Revenue Administration. The bill also requires electricity generator property owners to file an annual form by May 1 that provides detailed information about their utility and non-utility property assets, with provisions for requesting extensions. These changes aim to provide clarity and a structured approach to taxing electricity generation properties, potentially impacting Education Trust Fund revenues. The bill will apply to tax periods beginning on or after April 1, 2028, and will take effect on July 1, 2027.

Budget and Finance, Business and Industry

https://gc.nh.gov/bill_status/legacy/bs2016/bill_docket.aspx?lsr=0533&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=HB696