Tax Department rule relating to valuation of public utility property for ad valorem property tax purposes

Senate Bill 300 authorizes the West Virginia Tax Department to implement a specific rule (110 CSR 01M) for valuing public utility property - such as power lines, water infrastructure, and gas pipelines - when calculating property taxes. This rule, revised to address feedback from the Legislative Rule-Making Review Committee, establishes the standard method for determining the taxable value of these properties. Public utility companies, including electric and gas providers, will be directly affected as the rule sets their property tax assessment basis. The bill formally approves the rule without changing its content, making it official for tax purposes.