Bill > H6013

This bill repeals the gross earnings tax on electric and gas companies by temporarily suspending the 4% tax rate for these utilities from January 1, 2026, until January 1, 2035. Currently, electric companies are taxed at 4% of their gross earnings, with some deductions for electricity sold to other utilities, and gas companies are taxed at 3% of their gross earnings. The bill specifically modifies Section 44-13-4 of the General Laws in the "Public Service Corporation Tax" chapter to insert language that suspends this tax rate for electric and gas utility companies during the specified period. By temporarily eliminating this tax, the bill aims to potentially reduce operating costs for electric and gas utilities, which could indirectly impact utility rates or company investments. The suspension will automatically expire on January 1, 2035, at which point the original tax rates would presumably be reinstated unless further legislative action is taken.

Budget and Finance

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