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

Income and receipts taxes on public servicecorporations; authorizing localities to assess and tax real and personalproperty of public service corporations. Repeals existingstate and local gross receipts, revenue, and alternative minimum taxes that currently apply to public service corporations. The bill eliminatesthe authority of the State Corporation Commission to assess the taxvalue of real and personal property of public service corporationsand eliminates the authority of the Department of Taxation to assessthe tax value of real and personal property of railroads and pipelinetransmission companies. However, the Department of Taxation wouldretain such authority with respect to rolling stock. Thebill requires localities to assess and tax the real and personalproperty of public service corporations, except the rolling stockof railroads, in accordance with existing laws governing local realand personal property taxation.