1. (a) This section does not apply to a petition that is filed with the commission under section 5 of this chapter before July 1, 2024.

2. (b) Subject to subsection (d) and notwithstanding any other law or any rule of the commission, including 170 IAC 1-6-1(b), if:

   1. (1) the appraised value of the utility property to be acquired, as determined under:

      1. (A) section 5.5 of this chapter; or

      2. (B) IC 8-1.5-2-5 ;

         as applicable, does not exceed three million dollars ($3,000,000); and

   2. (2) the purchase price for the utility property is less than the appraised value;

      a utility company seeking to acquire the utility property of an offered utility is not required to file a petition under section 5 of this chapter, and may instead submit to the commission a filing to obtain the relief set forth in section 5 of this chapter under the procedures set forth in 170 IAC 1-6, as modified by this section.

3. (c) A filing authorized under subsection (b) must include the following:

   1. (1) A copy of the purchase agreement entered into between the acquiring utility company and the offered utility.
   2. (2) A copy of the journal entry reflecting the accounting entries recording the acquisition in accordance with section 5(f) of this chapter.

   3. (3) A copy of the appraisal of the utility property under:

      1. (A) section 5.5 of this chapter; or

      2. (B) IC 8-1.5-2-5 ;

         as applicable.

   4. (4) A statement of known infrastructure, environmental, or other issues affecting the offered utility, and the process for determining reasonable and prudent improvements upon completing the acquisition.
   5. (5) Any other information required to be submitted under the procedures set forth in 170 IAC 1-6, as modified by this section.

4. (d) In an order approving a filing submitted under this section, the commission:

   1. (1) may only authorize the acquiring utility company to make accounting entries recording the acquisition that reflect:

      1. (A) the full purchase price, as set forth in section 5(f)(1) of this chapter; and

      2. (B) the estimated:

         1. (i) incidental expenses, as set forth in section 5(f)(2) of this chapter; and

         2. (ii) other costs of acquisition, as set forth in section 5(f)(3) of this chapter;

            as the net original cost of the utility plant in service assets being acquired; and

   2. (2) shall provide that any:

      1. (A) estimated incidental expenses, as set forth in section 5(f)(2) of this chapter; or

      2. (B) other estimated costs of acquisition, as set forth in section 5(f)(3) of this chapter;

         are subject to a reasonableness review as part of the acquiring utility company's next base rate case.

As added by P.L.34-2024, SEC.2.