The bill amends Section 44-13-4 of the General Laws concerning the Public Service Corporation Tax. It introduces new legal language that specifies the rate of taxation for various types of corporations, including steamboat, ferryboat, railroad, and telecommunications corporations. Notably, the bill suspends the tax rate of four percent (4%) on corporations involved in manufacturing, selling, distributing, and/or transmitting electricity, as well as the three percent (3%) tax on gas companies, starting January 1, 2026, until January 1, 2035.

Additionally, the bill retains existing tax rates for other public service corporations while clarifying the definitions and conditions under which these rates apply. The act is set to take effect on January 1, 2026, and aims to provide temporary relief from taxation for electric and gas companies, potentially impacting their financial operations and pricing strategies during the suspension period.