Reduces the amount a utility can be assessed for costs and expenses of the department of public service and the public service commission from one percent to one-third of one percent

This bill reduces the fee utilities pay to cover state department costs from 1% to one-third of one percent (0.333%) of their gross operating revenue. It applies to most public utilities and the Long Island Power Authority, but excludes entities regulated solely for safety or the power authority itself. Telephone companies pay the reduced rate only on revenue exceeding $500,000 annually. The change takes effect immediately upon enactment.