(a) A franchise tax, measured by gross receipts, is imposed, for each calendar year, on each public service company:
(1) engaged in a telephone business in the State; or
(2) engaged in the transmission, distribution, or delivery of electricity or natural gas in the State.
(b) The tax imposed under subsection (a) of this section does not apply to a public service company that is:
(1) a county;
(2) a municipal corporation; or
(3) a nonprofit electric cooperative.
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