1 Utility Property Tax; Administration; Deposit of Funds from Hydro-Electric Regeneration Facilities. Amend RSA 83-F:7, I to read as follows:

I. the commissioner shall collect the taxes, interest, additions to tax and penalties imposed under this chapter and shall pay over to the state treasurer for deposit in the education trust fund established by RSA 198:39 the amount of the funds collected.

2 Effective Date. This act shall take effect July 1, 2020.

1 Utility Property Tax; Administration; Deposit of Funds from Hydro-Electric Regeneration Facilities. Amend RSA 83-F:7, I to read as follows:

I. Except as otherwise provided in paragraph I-a, the commissioner shall collect the taxes, interest, additions to tax and penalties imposed under this chapter and shall pay over to the state treasurer for deposit in the education trust fund established by RSA 198:39 the amount of the funds collected.

I-a. Funds collected under this chapter from a hydro-electric regeneration facility shall be distributed directly to the municipality in which the facility is located or otherwise subject to taxation under RSA 76, for the purpose of funding education costs in such municipalities. The funds shall be divided equally among the municipalities, except that a municipality shall not receive a distribution under this paragraph if the municipality is not eligible for a stabilization grant under RSA 198:41 because the amount of statewide education property tax revenue raised by the municipality is greater than its cost of an adequate education. In such case, the relevant portion of the funds collected shall be deposited in the education trust fund pursuant to paragraph I.

2 Effective Date. This act shall take effect July 1, 2020.