This bill amends the Ad Valorem Tax Code in Oklahoma, specifically targeting the assessment of property owned by railroads, air carriers, and public service corporations. It introduces a new definition for "broadband service providers," which includes entities offering wired internet services with specific speed requirements. The bill mandates that the State Board of Equalization assess property used for wired broadband service that is constructed or installed after the bill's effective date, provided it is in areas with limited broadband coverage. The assessment ratio for this property is set at fifteen percent for tax years 2026 through 2036.

Additionally, the bill updates existing definitions and clarifies the assessment process for various types of public service corporations, including video services providers. It removes certain language regarding transportation companies and specifies that the assessment of broadband service provider property will only include assets used exclusively for providing broadband internet service. The Oklahoma Tax Commission is authorized to create rules to implement these changes, and the act is set to take effect on January 1, 2026.