The bill amends section 5727.111 of the Revised Code to establish a new tax assessment rate for pipeline companies. Specifically, it introduces a new provision that sets the assessment rate for pipeline companies at twenty-five percent of their taxable property. This change replaces the previous assessment rate, which was not specified for pipeline companies, as the prior language regarding pipeline companies has been deleted from the law.

Additionally, the bill repeals the existing section 5727.111 and stipulates that the new assessment rate will take effect for tax year 2025 and for all subsequent tax years. This legislative change aims to provide a clearer tax structure for pipeline companies in Ohio, aligning their assessment rate with that of other utility companies.

Statutes affected:
As Introduced: 5727.111