PRINTER'S NO. 2655
No. 2064 Session of 1999
INTRODUCED BY VEON, LESCOVITZ, GEORGE, BELARDI, WALKO, BEBKO-
JONES, LaGROTTA, SURRA, COLAFELLA, TRAVAGLIO, STEELMAN,
LAUGHLIN, CAPPABIANCA, FREEMAN, PESCI, FRANKEL, READSHAW,
BELFANTI, YOUNGBLOOD, ROONEY, HARHAI, TRELLO, JOSEPHS,
VAN HORNE AND GRUCELA, NOVEMBER 15, 1999
REFERRED TO COMMITTEE ON CONSUMER AFFAIRS, NOVEMBER 15, 1999
AN ACT
1 Amending Title 66 (Public Utilities) of the Pennsylvania
2 Consolidated Statutes, providing for utility industry
3 restructuring.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Title 66 of the Pennsylvania Consolidated
7 Statutes is amended by adding a chapter to read:
8 CHAPTER 20
9 UTILITY INDUSTRY RESTRUCTURING
10 Sec.
11 2001. Applicability.
12 2002. Real property tax assessment after transfer of asset.
13 § 2001. Applicability.
14 In addition to any other specific requirements contained in
15 this title, the provisions of this chapter shall apply to the
16 restructuring or deregulation of any public utility industry.
17 § 2002. Real property tax assessment after transfer of asset.
1 In the event of a sale, purchase or any other transfer of
2 ownership of a fixed real estate asset, including, but not
3 limited to, power generating facilities, the real property tax
4 assessment of any such asset after such sale, purchase or
5 transfer shall be the construction cost of the asset as
6 determined and approved by the commission for recovery in the
7 applicable rates of the public utility multiplied by the
8 inflation factor. The inflation factor shall be a percentage
9 equal to the sum of the annual percentage increases in the
10 Consumer Price Index for each year beginning with the year the
11 construction cost became recoverable through the applicable
12 rates of the public utility and ending with the year for which
13 the assessment is applicable.
14 Section 2. This act shall take effect in 60 days.
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