SB 300 - This act authorizes the use of a modified central assessment formula for the taxation of property used directly to generate and distribute electric power, excluding distributable property of investor-owned utilities, cooperatives, and municipal utilities, for tax years beginning on or after January 1, 2000. Distributable property of investor-owned utilities will be subject to the modified central assessment method on January 1 following passage of restructuring legislation and certification by the Public Service Commission that retail competition exists in the state.

The act requires the determination of a statewide average rate of property taxes by the State Tax Commission (including any new levies of a newly created political subdivision), a report by the State Tax Commission to the Director of Revenue, the Director's extension of the tax rate to the assessed value of the property, and the Director's collection of the taxes due and proportionate distribution to the taxing entities.

Property with a power production capacity of under 4 megawatts is exempted from the modified central assessment scheme, leaving it subject to local assessment.
RUSS HEMBREE