Amend House File 673 as follows:
   1.  By striking everything after the enacting clause and inserting: 
   Section 1.  Section 427A.1, subsection 1, paragraph h, Code 2011, is amended by striking the paragraph and inserting in lieu thereof the following:
   h.  Property assessed by the department of revenue pursuant to any of the following:
   (1)  Sections 428.24 to 428.29.
   (2)  Chapter 433 if such property is owned by a qualifying local exchange carrier, as defined in section 433.16.
   (3)  Chapter 433 if such property is not owned by a qualifying local exchange carrier, as defined in section 433.16, and was first assessed for taxation in this state before January 1, 1996.
   (4)  Chapter 434.
   (5)  Chapter 437.
   (6)  Chapter 437A.
   (7)  Chapter 438.
   Sec. 2.  Section 433.4, Code 2011, is amended to read as follows:
   433.4  Assessment.
   1.  The Except as otherwise provided in section 433.16, the director of revenue shall on or before October 31 each year, proceed to find the actual value of the property of these companies in this state that are not qualifying local exchange carriers as defined in section 433.16, taking into consideration the information obtained from the statements required, and any further information the director can obtain, using the same as a means for determining the actual cash value of the property of these companies within this state.
   2.  The For company property that was first assessed for taxation in this state before January 1, 1996, the director shallalso take into consideration the information described in subsection 1 and the valuation of all property of these companies, including franchises and the use of the property in connection with lines outside the state, and making these deductions as may be necessary on account of extra value of property outside the state as compared with the value of property in the state, in order that the actualcash value of the property of the company within this state may be ascertained. The assessment shall include all property of every kind and character whatsoever, real, personal, or mixed, used by the companies in the transaction of telegraph and telephone business; and the property so included in the assessment shall not be taxed in any other manner than as provided in this chapter.
   3.  For company property that was first assessed for taxation in this state on or after January 1, 1996, and not otherwise assessed under section 476.1D, subsection 10, the director shall determine the value of such property within this state as follows:
   a.  For the assessment years beginning on or after January 1, 2012, but before January 1, 2018, the value of such property for each company shall equal the sum of the value of the property assessed in the manner as all other property assessed as commercial property pursuant to chapters 427, 427A, 427B, 428, and 441, and the telecommunications company adjustment for the applicable assessment year.
   b.  Each company’s base value shall be the total assessed value of such company property assessed pursuant to section 433.4, Code 2011, for the assessment year beginning January 1, 2011. However, if the company adds or disposes of an amount of such property exceeding ten percent of the company’s assessed value of such property for the assessment year beginning January 1, 2011, or ten percent of the base value most recently adjusted under this paragraph, the company’s base value shall be adjusted to reflect those additions or dispositions.
   c.  The telecommunications company adjustment shall be determined as follows:
   (1)  For the assessment year beginning January 1, 2012, the telecommunications company adjustment shall equal eighty-five percent of the difference between the company’s base value and the assessed value of such company property when assessed in the same manner as all other property assessed as commercial property under chapters 427, 427A, 427B, 428, and 441.
   (2)  For the assessment year beginning January 1, 2013, the telecommunications company adjustment shall equal seventy percent of the difference between the company’s base value and the assessed value of such company property when assessed in the same manner as all other property assessed as commercial property under chapters 427, 427A, 427B, 428, and 441.
   (3)  For the assessment year beginning January 1, 2014, the telecommunications company adjustment shall equal fifty-five percent of the difference between the company’s base value and the assessed value of such company property when assessed in the same manner as all other property assessed as commercial property under chapters 427, 427A, 427B, 428, and 441.
   (4)  For the assessment year beginning January 1, 2015, the telecommunications company adjustment shall equal forty percent of the difference between the company’s base value and the assessed value of such company property when assessed in the same manner as all other property assessed as commercial property under chapters 427, 427A, 427B, 428, and 441.
   (5)  For the assessment year beginning January 1, 2016, the telecommunications company adjustment shall equal twenty-five percent of the difference between the company’s base value and the assessed value of such company property when assessed in the same manner as all other property assessed as commercial property under chapters 427, 427A, 427B, 428, and 441.
   (6)  For the assessment year beginning January 1, 2017, the telecommunications company adjustment shall equal ten percent of the difference between the company’s base value and the assessed value of such company property when assessed in the same manner as all other property assessed as commercial property under chapters 427, 427A, 427B, 428, and 441.
   d.  For the assessment year beginning January 1, 2018, and each assessment year thereafter, such property shall be assessed by the director of revenue in the same manner as all other property assessed as commercial property by the local assessor under chapters 427, 427A, 427B, 428, and 441.
   Sec. 3.  NEW SECTION.  433.16  Qualifying local exchange carriers —— assessment.
  For assessment years beginning on or after January 1, 2012, the property of qualifying local exchange carriers shall be assessed for taxation by the director of revenue under the provisions of section 433.4, Code 2011. For purposes of this section,“qualifying local exchange carrier” means a telecommunications company that provides local exchange service and has less than fifty thousand customer access lines located in this state.
   Sec. 4.  Section 476.1D, subsection 10, unnumbered paragraph 2, Code 2011, is amended by striking the unnumbered paragraph.
   Sec. 5.  EFFECTIVE DATE.
   1.  Except as provided in subsection 2, this Act takes effect July, 1, 2011.
   2.  The section of this Act amending section 476.1D takes effect July 1, 2017.
   Sec. 6.  APPLICABILITY.
   1.  Except as provided in subsection 2, this Act applies to assessment years beginning on or after January 1, 2012.
   2.  The section of this Act amending section 476.1D applies to assessment years beginning on or after January 1, 2018.>
   2.  Title page, by striking lines 1 through 3 and inserting <An Act relating to the assessment of telecommunications company property for purposes of property taxation, and including effective date and applicability provisions.>

______________________________
SANDS of Louisa