GA HB998

Eligible Tier 2 local exchange companies (those not affiliated with providers serving more than 50,000 access lines nationwide) may elect rate of return regulation by August 1, 2026, with a 5-year prohibition on switching back to alternative regulation

Universal Access Fund distributions are capped at $50 million per year in aggregate beginning with costs incurred on or after July 1, 2026, with pro rata reductions if approved distributions exceed the cap

Local exchange companies seeking fund reimbursement must file unredacted audited financial reports for both the company and its parent company; no distributions may be made for expenses incurred after December 31, 2040

The Public Service Commission must submit biennial reports (starting December 31, 2026) to the Governor, Lieutenant Governor, and House Speaker detailing fund contributions, disbursements, access lines, and audit findings

Distributions approved for costs incurred before July 1, 2026 remain unaffected by the new $50 million annual cap and will continue to be processed under existing rules