The bill amends Section 44-13-4 of the General Laws concerning the Public Service Corporation Tax. It introduces a suspension of the gross earnings tax on electric and gas companies, specifically stating that the tax rate of three percent (3%) on gross earnings will be suspended starting January 1, 2027, and will remain suspended until January 1, 2036. This change is intended to provide financial relief to electric and gas companies during this period.

The bill does not alter existing tax rates for other public service corporations, including those involved in steamboat, ferryboat, railroad, telecommunications, and cable services, which will continue to be governed by their respective rates. The act is set to take effect on January 1, 2027, coinciding with the start of the tax suspension.

Statutes affected:
2544: 44-13-4