Bill > H4503

This bill allows the Department of Energy Resources to use up to $3,000,000 from the RGGI Auction Trust Fund to reimburse municipalities that have experienced a reduction in property tax receipts from an electric generating station. This reduction must be due to a significant decrease in the station's capacity factor (how much it's actually producing power compared to its potential) after July 1, 2012, at a facility that burns both coal and oil. The bill defines "RGGI Auction Trust Fund" as a fund established by law, and "capacity factor" as a measure of an electric generator's output. The reimbursement amount will be the difference between the tax receipts in the current year and the year before the facility's operating status changed. However, a municipality won't receive reimbursement if the total payments from the generating station owner in the current year exceed what they paid in the year prior to the change. Municipalities must also report to legislative committees by December 31, 2016, detailing their need for these reimbursements and the impact of receiving or not receiving them, with payments from the fund prioritized for these municipalities. The bill is declared an emergency law to ensure its purpose of municipality reimbursement can be achieved immediately and takes effect as of July 1, 2016.