Taxation: specific tax; specific tax on certain utility personal property; provide for. Creates new act. TIE BAR WITH: HB 4787'25

HB 4788 exempts qualified replacement electric distribution infrastructure (like poles, wires, and switches) from regular property taxes after 2025, while creating a new annual "replacement electric distribution infrastructure specific tax" on that same infrastructure. This tax, calculated at 30 mills of the replaced infrastructure’s taxable value (adjusted yearly by the Consumer Price Index), applies to electric utilities and cooperatives replacing depreciated infrastructure within their existing service areas. The tax revenue is distributed to local taxing units (cities, schools, counties) in the same way as regular property tax revenue. The bill affects electric utilities making qualifying infrastructure upgrades, shifting their tax burden from property taxes to this specific annual levy.