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2020 SESSION

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SB 962 Income and receipts taxes on public service corporations; authorizing localities.

Introduced by: Frank M. Ruff, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income and receipts taxes on public service corporations; authorizing localities to assess and tax real and personal property of public service corporations. Repeals existing state and local gross receipts, revenue, and alternative minimum taxes that currently apply to public service corporations. The bill eliminates the authority of the State Corporation Commission to assess the tax value of real and personal property of public service corporations and eliminates the authority of the Department of Taxation to assess the tax value of real and personal property of railroads and pipeline transmission companies. However, the Department of Taxation would retain such authority with respect to rolling stock.

The bill requires localities to assess and tax the real and personal property of public service corporations, except the rolling stock of railroads, in accordance with existing laws governing local real and personal property taxation.


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