SB1744 Summary

• Exempts business enterprises in Standard Industrial Classifications 10, 12-14, 21-39 from the Gas Use Tax, with exemption defined by the 1987 federal Standard Industrial Classification Manual.

• Excludes consideration received from the same Standard Industrial Classifications from "gross receipts" under the Gas Revenue Tax Act, reducing the tax base for gas distributors.

• Exempts electricity used by purchasers in manufacturing or assembling tangible personal property for wholesale or retail sale or lease from the Electricity Excise Tax.

• Takes effect immediately upon becoming law.