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Show Garkane Power Association Distributes Property Tax Garkane Power Association will pay $238,477.84 in 1996 property tax assessments to counties in Utah and Arizona according to information informa-tion released by the utility's General Manager Carl R. Albrecht. Taxes assessed by the counties served by the Rural Electric Coop-rative Coop-rative are as follows: Garfield, $79,817.41; Kane, $57,166.87; Piute, $8,323.64; Sevier, $12,496.37; Washington, $400.41; Wayne, $29,629.63; and $50,643.50 to counties in Arizona served by the Cooperative (Coconino (Coco-nino and Mohave). "Many people are under the false impression that cooperatives don't pay taxes," stated Albrecht. "Nothing "Noth-ing 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 is returned to Garkane's member-consumers'. The refunds, called capital credits, are made in proportion to the amount of electricity customers have used which contributed to the excess revenue. |