Reduces the amount a utility can be assessed for costs and expenses of the department of public service and the public service commission from one percent to one-third of one percent

This bill reduces the assessment rate utilities pay to cover costs for New York's Department of Public Service and Public Service Commission. It lowers the maximum charge from 1% to one-third of one percent (0.333%) of a utility's annual intrastate operating revenue. This directly affects most public utility companies and the Long Island Power Authority, with a specific exception for telephone corporations: they pay the reduced rate only on revenue exceeding $500,000 annually. The change applies to all state fiscal years beginning after the bill's effective date.