OCR Text |
Show Garkane's 1993 Property Taxes Exceed $273,000 Garkane Power Association will pay $273, 743 in 1993 property taxes to counties in Utah and Arizona. Ari-zona. The 1993 property tax total remained essentially the same as the amount paid by the utility in 1992, according to Carl Albrecht, Garkane's General Manager. Taxes paid by Garkane to each county are as follows: Garfield, $75, 393; Kane, $63,495; Piute, $9,416; Sevier, $15, 227; Washington, Wash-ington, $1,428; Wayne, $38,609; and $70,175 to counties in Arizona served by the Cooperative (Coconino and Mohave). "Many people are under the false impression that cooperatives don't pay taxes," stated Albrecht. "Nothing could be further from the truth. We are an important part of the community tax base, paying real estate and personal property taxes, sales and excise taxes, motor vehicle and gasoline taxes; generally gener-ally all taxes paid by a for-profit corporation. Most cooperatives, however, do not pay federal income taxes because they have no net income." in-come." Albrecht noted that unlike investor-owned utilities, Garkane is not in business to make a profit for outside shareholders. Any revenue earned in excess of the cost of service ser-vice is returned to Garkane's member-consumers. The refunds, called Capital Credits, are made in proportion propor-tion to the amount of electricity members have used which contributed con-tributed to the excess revenue. |