Property Tax - Payment in Lieu of Taxes Agreements - Broadband Service Providers

HB 969 modifies Maryland's property tax valuation rules for rural broadband service providers. It requires the State Department of Assessments and Taxation to use a specific method when valuing their operating property, directly affecting rural broadband companies. The key mechanism mandates that when using the income approach, only actual operating income is considered, and when using the replacement cost approach, government subsidies or tax credits must be subtracted from the valuation. This change aims to adjust how these providers' property is taxed, potentially reducing their tax burden. The bill takes effect June 1, 2025, applying to taxable years beginning after June 30, 2025.