Senate Bill 3062 Summary

• Amends the definition of "equipment used in the deployment of broadband technologies" to require capability of transmitting at 35 megabits per second downlink and 3 megabits per second uplink for mobile broadband, or fixed broadband service as defined by Section 77-19-3, replacing the previous 384 kilobits per second standard.

• Extends the investment credit period for telecommunications enterprises from before July 1, 2025 to before July 1, 2030, allowing credits of 5% (Tier One), 10% (Tier Two), or 15% (Tier Three) of broadband equipment costs for nine consecutive years.

• Implements an annual aggregate cap of $15,000,000 on tax credits claimed per calendar year, with a per-enterprise limit of $1,500,000, and requires prorated allocation if requests exceed the cap; filing window is March 1-20 each year.

• Prohibits tax credits if equipment was funded by the Broadband Equity, Access, and Deployment (BEAD) Program or the CARES Act.

• Establishes separate ad valorem tax exemption periods for equipment placed in service after June 30, 2025: ten years for fixed broadband equipment meeting FCC speed benchmarks, and five years for mobile broadband equipment meeting 35/3 megabits per second standards; requires certified equipment descriptions submitted to county tax assessors by April 1 of the first exemption year.