Raised Bill No. 1120 Summary

• Establishes a uniform mill rate of 15 mills for real property and motor vehicles owned by utility companies (electric distribution, gas, or water companies) for assessment years beginning October 1, 2020, regardless of municipality or taxing district.

• Defines "utility company" as electric distribution companies serving at least 15 towns, gas companies, or water companies with rates approved by the Public Utilities Regulatory Authority.

• Creates a property tax exemption for wires, poles, pipes, and other fixtures warehoused in the state by utility companies until those items are installed or used in-state, requiring annual requests to local assessors.

• Excludes utility company property from mill rate calculations in multiple statutes (sections 12-18b, 12-63k, 12-71e, and 12-122a) to prevent distortion of district and municipal rate determinations.

• Becomes effective October 1, 2019, with the 15-mill rate requirement effective for assessment years beginning October 1, 2020.