Amends GS 62-302, Regulatory Fee, to reduce the fee imposed on retail revenues of local exchange companies that have elected to participate in the alternative forms of regulation found in GS 62-133.5(h) or GS 62-133.5(m).

Sets out definitions to be used in GS 62-302, including noncompetitive jurisdictional revenues, subsection (h) competitive jurisdictional revenues, and subsection (m) competitive jurisdictional revenues.

Provides that noncompetitive jurisdictional revenues are subject to a utility fee that is the greater of (i) a percentage rate of each public utility's noncompetitive jurisdictional revenues for each quarter or (ii) $6.25 each quarter.

Provides that competitive jurisdictional revenues, either subsection (h) or subsection (m) competitive jurisdictional revenues, will have a public utility regulatory fee that is a percentage rate established by the General Assembly for each fiscal year for revenues for each quarter.

Establishes that the percentage rate to be used to calculate the public utility fee for subsection (h) revenues will be set at 0.06% of revenues earned during each quarter beginning on July 1, 2015, and on July 1, 2016 it will change to 0.04%.

Establishes that the percentage rate to be used to calculate the public utility fee for subsection (m) revenues will be set at 0.05% of revenues earned during each quarter beginning on July 1, 2015, and on July 1, 2016, it will change to 0.02%.

Further provides that, for 2015-16, and 2016-17 fiscal years, the percentage rate used for the public utility regulatory fee for noncompetitive jurisdictional revenues will be adjusted to reflect the decrease in fees collected by the above rates in order to ensure that the cost of operations of the Utilities Commission and staff are defrayed. Effective July 1, 2015.