A bill to amend the Interstate Commerce Act, as amended, in order to make unlawful certain property tax assessments of transportation property of common or contract carriers, and for other purposes.

States that, the following action by any State, or subdivision or agency thereof, whether such action be taken pursuant to a constitutional provision, statute, or administrative order or practice, or otherwise, is hereby declared to constitute an unreasonable and unjust discrimination against and an undue burden upon interstate commerce under the Interstate Commerce Act and is hereby forbidden and declared to be unlawful: (1) the assessment, for purposes of a property tax levied by any taxing district, of transportation property owned or used by any common or contract carrier subject to economic regulation pursuant to the provisions of the Interstate Commerce Act at a value which bears a higher ratio to the true market value of such transportation property than the assessed value of all other industrial and commercial property in the assessment jurisdiction of any State in which is included such taxing district and subject to a property tax levy bears to the true market value of all such other commercial and industrial property; (2) the collection of any tax on the portion of such assessmen so declared to be unlawful; or (3) the collection of any ad valorem property tax on such transportation property at a tax rate higher than the tax rate generally applicable to commercial and industrial property in the taxing district.