By Mike Faher
Vermont Yankee’s contribution to Vernon’s coffers will drop by 26 percent this year, the first in a series of declines in a new tax deal between the town and plant owner Entergy.
Vernon tax committee members say they can’t yet release many details of the six-year contract, pending a state review. But this much is clear: Entergy’s tax payments for the shut down nuclear plant will be shrinking, and that will start with a $266,750 decrease in the company’s 2016 payment to the town.
While acknowledging the financial blow, those who worked to negotiate the contract also praised Entergy for agreeing to the new tax assessments as well as an additional annual payment in lieu of taxes.
“Entergy didn’t have to do this. They’re paying us hundreds of thousands of dollars more than they had to pay us,” said Patty O’Donnell, the tax committee’s chairwoman. “But their purpose was to try to help the community step down slowly so that we can get past the burden of high taxes and have time to figure out what we want our town to be in the future.”
Photo by Paul Miller