Any telecommunications carrier other than a telephone company, that is no longer subject to taxation on personal property pursuant to R.S. 54:4-1 et seq., or to taxation upon its gross receipts pursuant to P.L. 1940, c. 4 (C. 54:30A-16 et seq.) as a result of the amendments to sections 2 and 3 of P.L. 1940, c. 4 (C. 54:30A-17 and 54:30A-18) and to R.S. 54:4-1 made in sections 2, 3 and 4 of P.L. 1989, c. 2 shall, within 90 days of the operative date of this act, petition the Board of Public Utilities for a reduction in its rates. The board shall institute a hearing on the petition, and at the conclusion of the hearing shall determine the amount of the reduction in the rate base of the telecommunications carrier which reflects the elimination of the tax liability of such carrier under those amendments. The rate reduction shall not take effect prior to January 1 next following enactment of this act.

L. 1989, c. 3, s. 19.