Title 48, Chapter 5, Section 511
(a) The chief executive officer of each public utility shall be
required to make an annual tax return of all property located in
this state to the commissioner. The return shall be made to the
commissioner on or before March 1 in each year and shall be current
as of January 1 preceding.
(b) The returns of each public utility shall be in writing and sworn
to under oath by the chief executive officer to be a just, true, and
full return of the fair market value of the property of the public
utility without any deduction for indebtedness. Each class or
species of property shall be separately named and valued as far as
practicable and shall be taxed like all other property under the
laws of this state. The returns shall also include the capital
stock, net annual profits, gross receipts, business, or income
(gross, annual, net, or any other kind) for which the public utility
is subject to taxation by the laws of this state.
(c)(1) Each chief executive officer shall apportion, under rules
and regulations promulgated by the commissioner, the fair market
value of his public utility's properties to this state, if the
public utility owns property in states other than this state, and
between the several tax jurisdictions in this state.
(2) In promulgating the regulations specifying the method of
apportionment, the commissioner shall consider:
(A) The location of the various classes of property;
(B) The gross or net investment in the property;
(C) Any other factor reflecting the public utility's investment
(D) Pertinent business factors reflecting the utility of the
(E) Pertinent mileage factors; and
(F) Any other factors which in the commissioner's judgment are
reasonably calculated to apportion fairly and equitably the
property between the various tax jurisdictions.
(3) Any reasonable value directly attributable to property
physically located in one jurisdiction in this state shall not be
apportioned to any other jurisdiction in this state.