LD 1708 LR 43(07)
An Act To Create the Pine Tree Power Company, a Nonprofit Utility, To Deliver Lower Rates, Reliability and Local Control for Maine Energy Independence
Fiscal Note for House Amendment " " to Committee Amendment "A"
Sponsor: Rep. Berry of Bowdoinham
Fiscal Note Required: Yes
Fiscal Note
Potential increase in property tax payments to municipalities
Fiscal Detail and Notes
Under the committee amendment, the Pine Tree Power Company (PTPC) is exempt from paying property taxes, but required to make payments in lieu of taxes.  This amendment removes the status of the PTPC as a public municipal corporation exempt from property tax provisions and must now pay property taxes, but is no longer required to make payments in lieu of taxes.  As payments in lieu of taxes are typically less than "normal" property tax, this may mean some increase in revenue to the municipality or municipalities the PTPC will have a presence in.  The PTPC will continue to be exempt from state income tax under this amendment.