|SB 0803||Revises various utility taxes and authorizes replacement taxes|
|LR Number:||3398S.06C||Fiscal Note:||3398-06|
|Committee:||Commerce and Environment|
|Last Action:||05/12/00 - S Inf Calendar S Bills for Perfection w/SCS||Journal page:|
|Title:||SCS SB 803|
SCS/SB 803 - This act is implementing legislation for SJR 46 which authorizes the General Assembly to enact utility replacement taxes. Upon notice from the Public Service Commission to the Revisor of Statutes that statutes have been enacted and will become effective to establish retail customer choice of electricity supplier, one of the two portions of the act shall become effective on the following January first.
If a constitutional amendment has been approved to authorize replacement taxes, the act's replacement tax provisions would become effective and repeal existing gross receipts taxes and business license taxes on electricity, natural gas and propane and methane delivered by pipeline, franchise fee agreements, tax on utility distributable property and certain payments-in-lieu- of-taxes (PILOTs). Revenue lost by political subdivisions due to the repeal of these taxes are replaced by an electricity or natural gas usage tax or charge.
If a constitutional amendment has not been approved to
authorize replacement taxes, the act's backup provisions
pertaining to gross receipts taxes and sales taxes on electricity
and natural gas service which are similar to SB 612 from 2000 and
backup provisions revising taxes on utility distributable
property. Distributable property of electric companies in the
tax year the act becomes effective shall continue to be assessed
and the values distributed by the same method used in that year,
even if the property is no longer owned by an electric company.
The State Tax Commission shall use the same valuation method for
all electric generating property subject to state assessment.