NJ A5982

Clarifies that local exchange telephone companies that held regional monopoly landline service before the federal Telecommunications Act of 1996, or their corporate successors, must pay business personal property taxes to municipalities regardless of current market share

Overturns the Tax Court's interpretation in Verizon New Jersey Inc. v. Borough of Hopewell (2012), which required companies to annually prove they provide 51% of local exchange service to be taxed

Requires local exchange telephone companies to pay attorney's fees to municipalities (and related amicus entities) when municipalities prevail in court proceedings over business personal property tax disputes

Applies retroactively to January 1, 2007, restoring the tax base municipalities lost due to the Tax Court's interpretation

Enshrines telecommunications company business personal property (equipment, utility poles, cables) permanently into municipal tax bases to provide budget stability and prevent tax burden shifts to other property owners