S.3330

New Jersey S3330 clarifies the taxation of business personal property for local exchange telephone companies.

New Jersey S3330 amends the definition of "local exchange telephone company" to clarify that such companies must pay business personal property taxes on their tangible goods and chattels. This change aims to stabilize the property tax base for municipalities and prevent fiscal uncertainty. The bill also addresses a court decision that misinterpreted the 1997 statutory changes, ensuring that local exchange telephone companies remain subject to taxation. If a municipality prevails in a tax dispute, the bill mandates that the company cover the municipality's attorney's fees.