SB 597 - This act modifies the calculation of assessments against public utilities used to fund the Public Service Commission. Under the act, starting January 1, 2024, the total amount assessed on the total gross intrastate operating revenue of all public utilities shall not exceed three hundred fifty thousandths of one percent and shall increase every two years thereafter by one hundredth of one percent until the maximum amount available to be assessed is equal to one half of one percent. All public utilities subject to Public Service Commission’s jurisdiction shall defer to an asset or liability account any difference in the assessment actually incurred and those used to set rates based on the corporation’s most recently completed general rate proceeding. The asset or liability account balances shall be included in the revenue requirement used to set rates through an amortization over a reasonable period of time in such utility’s subsequent general rate proceedings. The Public Service Commission shall adjust the rate base used to establish the revenue requirement of the utility to reflect the unamortized asset or liability account balances in such general rate proceedings. This act is identical to HB 1198 (2023) and a provision in the perfected HB 1044 (2023). JULIA SHEVELEVA