HB 2523 was referred to Rules on January 31 after passing out of the House Technology and Economic Development Committee. The legislation would reduce the amount of annual reporting required for utility and transportation businesses.
During January 30 executive action, State Rep. Richard DeBolt (R-20) told colleagues: “I’m happy to support another one of these bills that actually streamlines the system. The Utilities and Transportation Commission (UTC) wasn’t doing this, so it makes the system cleaner.”
Under the measure, public service companies would no longer be required to provide detailed financial information, which included the amount of stock issued and the value of a company’s property, when filing annual reports. The legislation also establishes a tiered penalty structure for applicable business owners who do not file their annual reports within the allotted time. Finally, the bill authorizes UTC to waive penalties when a company is unable to file within the specified time due to factors out of their control.