An Act To Promote New Electrical Generation in Maine

CONCEPT DRAFT SUMMARY

This bill is a concept draft pursuant to Joint Rule 208.

This bill would authorize Maine Revenue Services to impose a windfall profits tax on capacity payments made to certain power plants in Maine. The tax would apply to capacity payments to generators during the years 2007, 2008, 2009 and 2010 for capacity payments for sales of energy and capacity transmitted through a transmission and distribution utility. Payments used exclusively in the tax year for the creation of new generation assets in Maine will not be subject to the tax. New generation is generation constructed after January 1, 2007 and before December 31, 2010.