HCS/HB 1898 - Currently, telephone companies have their tangible personal property assessed in the same manner as a railroad. Under this act, beginning January 1, 2017, a telephone company may make a one-time election to have its tangible personal property assessed in accordance with depreciation schedules. Telecommunications companies are allowed to use county assessors to value property other than land and buildings for calculations of the tax. The act contains a fee in lieu of tax requirement that applies to telephone companies in school districts that receive less tax revenue as a result of the tax modifications. Companies in these districts will remit a fee as specified in the act to such school districts unless an increase in tax levy by the district occurs making the outcome revenue neutral for the school district. This act is similar to SB 783 (2016). DOMENIC SITA
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