CT HB05506

Repeals and replaces Section 12-80a regarding personal property taxation for telecommunications companies, effective July 1, 2010.

Telecommunications companies must submit annual lists by November 30th to the Commissioner of Revenue Services and municipalities detailing all personal property used for telecommunications service, including location and fair market value.

Establishes a tax rate of 47 mills applied to 70 percent of the reported personal property value, with taxes due to towns by April 1st and distributed between towns and consolidated cities/boroughs based on previous fiscal year tax levies.

Exempts telecommunications companies' personal property from municipal property taxes for the assessment year preceding when the state-calculated tax becomes due and payable.

Directs the Department of Public Utility Control to examine and report by January 1, 2011 on deposit collection practices by utility companies from non-residential customers, including maximum deposit amounts and creditworthiness criteria.