HB436: (New Title) relative to the acquisition of Connecticut Valley Electric Company and electric utility restructuring and relative to the real estate and personal property tax exemption.

CHAPTER 56

HB 436 - FINAL VERSION

04/17/03 1307s

2003 SESSION

03-0580

03/01

HOUSE BILL 436

AN ACT relative to the acquisition of Connecticut Valley Electric Company and electric utility restructuring and relative to the real estate and personal property tax exemption.

SPONSORS: Rep. Rodeschin, Sull 20; Rep. Burling, Sull 19; Rep. Thomas, Belk 31; Rep. S. Harris, Sull 22; Rep. Chandler, Carr 4; Sen. Odell, Dist 8; Sen. Eaton, Dist 10; Sen. Below, Dist 5

COMMITTEE: Science, Technology and Energy

AMENDED ANALYSIS

This bill makes changes to existing law necessary to facilitate the acquisition of Connecticut Valley Electric Company, Inc. by Public Service Company of New Hampshire. This bill also clarifies the applicability of the real estate and personal property tax exemption for public property.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03-0580

03/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Three

AN ACT relative to the acquisition of Connecticut Valley Electric Company and electric utility restructuring and relative to the real estate and personal property tax exemption.

Be it Enacted by the Senate and House of Representatives in General Court convened:

56:1 Electric Rate Reduction Financing; Service Territory. Amend RSA 369-B:2, XVII to read as follows:

XVII. "Service territory" means, with respect to any electric utility, the geographic area established by the commission as the retail electric service territory of such electric utility, as such territory is depicted on the "Electric Utilities Franchise Areas" map issued by the commission, dated July 1, 1993, together with any other geographic area in which such electric utility actually provided retail electric service on such date and any new geographic areas in which such electric utility is granted a franchise for the provision of retail electric service subsequent to such date.

56:2 Stranded Costs; New Mandated Commitments. Amend RSA 374-F:2, IV(c) to read as follows:

(c) New mandated commitments approved by the commission, including any specific expenditures authorized for stranded cost recovery pursuant to any commission-approved plan to implement electric utility restructuring in the territory previously serviced by Connecticut Valley Electric Company, Inc.

56:3 Real Estate and Personal Property Tax Exemption; Public Property. Amend RSA 72:23, I(a) to read as follows:

I.(a) Lands and the buildings and structures thereon and therein and the personal property owned by the state[, cities, towns, school districts, and village districts] of New Hampshire or by a New Hampshire city, town, school district, or village district unless said real or personal property is used or occupied by other than the state or a city, town, school district, or village district under a lease or other agreement the terms of which provide for the payment of properly assessed real and personal property taxes by the party using or occupying said property. The exemption provided herein shall apply to any and all taxes against lands and the buildings and structures thereon and therein and the personal property owned by the state, cities, towns, school districts, and village districts, which have or may have accrued since March 31, 1975, and to any and all future taxes which, but for the exemption provided herein, would accrue against lands and buildings and structures thereon and therein and the personal property owned by the state, cities, towns, school districts, and village districts.

56:4 Effective Date. This act shall take effect 60 days after its passage.

(Approved: May 21, 2003)

(Effective Date: July 20, 2003)