Concerns local taxation of business personal property of local exchange telephone companies.

This bill clarifies New Jersey's tax law for telecommunications companies' business personal property. It specifies that the requirement for companies to provide dial tone to 51% of a local telephone exchange applies only as of April 1, 1997 - not annually - ending costly yearly legal disputes over tax assessments. The bill also mandates that telecommunications carriers (including successors to historical monopolists) pay business personal property taxes to municipalities where their equipment is located. Additionally, it requires winning municipalities to recover attorney fees from companies that appeal these taxes. This directly affects telecom companies operating in New Jersey and the municipalities taxing their property.