ML20082P975

Forwards Responses to Requests for Info Re Facility Decommissioning Plan

ML20082P975
Person / Time
Site:	Seabrook
Issue date:	09/09/1991
From:	Haffer E SHEEHAN, PHINNEY, BASS & GREEN, P.A.
To:	Smukler L NEW HAMPSHIRE, STATE OF
References
NUDOCS 9109110175
Download: ML20082P975 (8)

Text

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. SHET H AN PHINNEY Bass +

CRT E N I"QFEMONA L AHOCLAlh L $0* k0

'ATTokSEiS AT LI September 9, 1991 nM ELM $TREET PO, Box 3701 Mascursits Vn WID EMEM NEw HAvrsHint 03105-3701 Larry Smukler, Chairman pm;3ey,a Nuclear Decommissioning i'inancing Committee 603 s o m N.H. Public Utilities Commission 1 HARBOUR PLACE g.m 33 Concord, New Hampshire 03301

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g RE: NDFC 91-1

Dear Mr. Smukler:

603-433-2111 I enclose for filing the Supplemental Response of Adelbert L. Spit::er to the Data Requests of Office of the Consumer Advocate (Set 3).

Sincere' ,

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,. ' e Edward A. Iaf fer EAH:dl Enclosures CC with enclosures:

Service List State Library Office of State Treasurer i

9109110175 910909 PDR ADOCK 05000443 nG P PDR OW

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THE STATE OF NEW HAMPSHIRE NUCLEAF. DECOMMISSIONING FINANCING COMMITTEE

.Re: Seabrook Decommissioning Fund Docket No. NDFC-91-1 SUPPLEMENTAL RESPONSE OF ADELBERT L. SPITZER TO THE DATA REQUESTS OF OFFICE OF THE CONSUMER ADVOCATE (SET 3) 1 l \

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NOW COMES Adelbert L. Spitzer and respectfully responds to the data requests of Office of Consumer Advocate by supplementing the response of Judith C. Dunn dated June 24, 1991, as follows:

JCD-1. Question: Please provide the status of Congressional legislation permitting NDT's to invest in taxable investments while remaining tax-exempt.

Answer: The response of Judith C. Dunn dated June 24, 1991 described H.R. 2012, introduced on April 23, 1991. Attorney Dunn's response is attached as Exhibit A. An identical bill was recently introduced in the Senate as S.1641 (release date:

August 2, 1991) by Senator John Breaux (D-La.), together with 14 co-sponsors.

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Datf3 A'el ert L. 26t Boston, Massachusetts Subscribed and sworn to this bid day of , 1991.

cwufL ) . aum Notary PubliV 4 asnsw.atA,u h d, f 11 C.

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, Exhibit A THE STATE OF NEW HAMPSHIRE NUCLEAR DECOMMISSIONING FINANCING COMMITTEE Re: Seabrook Decor.missioning Fund Docket No. NDFC-91-1 RESPONSE OF JUDITH C. DUNN TO THE DATA REQUESTS OF OFFICE OF THE CONSUMER ADVOCATE (SET 3)

NOW COKES Judith C. Dunn and respectfully responds to the data requests of Office of Consumer Advocate by answering in writing and under oath as follows:

JCD-1. . Question: Please provide the status of Congressional legislation permitting NDT's to invest in taxable investments while remaining tax-exempt.

Answer: There is no legislation pending that would make nuclear decommissioning trusts tax-exempt. Currently, contributions to qualified trusts are deductible by the utility.

However, any income earned by the trust is taxable .to the trust.

The only way a qualified trust can avoid paying tax is by investing in tax-exempt state and municipal obligations. (Even so, interest income will be tax-exempt, but gain on the sale or redemption of an obligation will be subject to federal income taxes.)

On April 23, 1991, Representative Schulze (R-Pa.) introduced

[ H.R. 2012 into the U.S. House of Representatives. The bill would lower the tax rate on qualified nuclear decommissioning

! trusts to 20% (after a phase-in period)'and would remove the

" black-lung" investment restrictions on qualified funds. The i

bill has a total of 114 co-sponsors -- 57 Democrats and 57 Republicans. . Similar bills were. introduced in previous years and '

" died" without any action being taken on them.

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J12dith C. Dunn

-GHi vT 'n'A5Hiif-0 TON ~, DISTRICT OF COLUMBIA : 5S'.

Subscribed and sworn to this,C day of b\f 1 e _n-

, 1991, My, Ccmm.uinn Expires Xeps It 1993 -

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