A bill to amend sections 46(f) and 167 (l) of the Internal Revenue Code of 1954 regarding the treatment of public utility property and to provide a transitional rule with respect thereto.

Summary

Amends the Internal Revenue Code with respect to the treatment of public utility property to prohibit any taxpaying utility from using the normalization method of accounting if, for rate-making purposes or for reflecting operating results in its regulated books of account, it employs any adjustment that is inconsistent with the existing requirements for users of such accounting method. States that an adjustment shall be considered inconsistent with such requirements: (1) if such adjustment is based on estimates or projections of the taxpayer's regulated tax expense, regulated depreciation expense, rate base used for ratemaking purposes, or its tax deferral reserve that are not consistent with observed relationships among such items; or (2) if such adjustment otherwise is based on estimates or projections that do not employ consistent assumptions or bases for projection. Authorizes the Secretary of the Treasury to adopt rules defining other adjustments that are not consistent with such requirements. Revises the formula for determination of the allowability of an investment tax credit on certain depreciable public utility property.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 5 January 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 5 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 30 January 1981

   Committee

   For Further Action See H.R.1524.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 5 January 1981

  Open at official source

Sponsors

• Rep. Rousselot, John H. [R-CA-26] · R · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend sections 46(f) and 167(l) of the Internal Revenue Code of 1954 with respect to the treatment of public utility property.