A bill to amend the Internal Revenue Code of 1954, with respect to excluding from recapture investment tax credit used to fund tax credit employee stock ownership plans and to permit recovery by such plans of previously recaptured investment tax credit.

Summary

Amends the Internal Revenue Code to exempt regulated electric utility companies from recapture of investment tax credit amounts used to fund tax credit employee stock ownership plans (TRASOP) when such recapture has been triggered by Government or court action, or by the sale of extra generating capacity to another regulated public utility. Limits such exemption to TRASOP credits that are based on qualified progress expenditures (progress payments for construction jobs requiring two or more years to finish). Permits the recovery of previously recaptured investment tax credit amounts.

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1 official file

• Introduced in House

  summary · EN · 6 January 1983

  Open at official source

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