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APPEAL OF PUBLIC SERV. CO. OF N.H.

No. 81-234

122 N.H. 919 (1982)

APPEAL OF PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (New Hampshire Board of Taxation)

Supreme Court of New Hampshire

October 15, 1982

Attorney(s) appearing for the Case

Sulloway, Hollis & Soden, of Concord (Martin L. Gross and David F. Conley on the brief, and Mr. Conley orally), for Public Service Company of New Hampshire.

Gregory H. Smith, attorney general (Marc R. Scheer and Betsy S. Westgate, assistant attorneys general, on the brief, and Ms. Westgate orally), for the State.

DOUGLAS, J.

Public Service Company of New Hampshire (PSNH) appeals from an adverse decision of the board of taxation, alleging the following: (1) that the board erred in interpreting the statutory definition of "franchise taxable income" to include allowance for funds used during construction (AFUDC); and (2) that the inclusion of AFUDC in the franchise valuation for tax purposes is not permitted under the New Hampshire Constitution. For the reasons which follow,...

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