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ACT NO. 50

(H. 473)

Taxation of large Electric Generating Plants

This act changes the property tax laws pertaining to large (name plate generating capacity of 200,000 kilowatts or more) electric generating plants. Prior law based this property tax and education property tax on business property value; the new law bases the taxes on level of power production.

Effective Date: The new property tax is effective for taxes due in calendar year 2004 and after; the new education property tax is effective for taxes due in fiscal year 2005 and after.