A bill to amend sections 46(f) and 167 (1) of the Internal Revenue Code of 1954 regarding the treatment of public utility property and to provide a transitional rule with respect thereto.

reportedUnited States· United States Congress· EN

Introduced

13 March 1980

Last action

25 November 1980 · Reported

Status

Reported to Senate from the Committee on Finance with amendment, S. Rept. 96-1038.

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. Declares that, in determining ratable restorations to base and ratable portions, the taxpayer's rate base, cost of service, or investment tax credit is subject to any adjustment that results, directly or indirectly, in the rate base's being restored less rapidly than ratably, or in the cost of service for ratemaking purposes being reduced by more than a ratable portion of such tax credit. States that an adjustment shall be considered inconsistent with this new requirement: (1) if such adjustment is based on estimates or projections of the amount by which the rate base is to be reduced, or of the amount of a ratable portion of which may be flowed through, that are not consistent with observed relationships between such amounts and the taxpayer's investment in certain depreciable property for which a credit may be taken; 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 to adopt rules defining other adjustments that are not consistent with such requirements.

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

Timeline

13 March 1980
Introduced
Referred to House Committee on Ways and Means.
Source: IntroReferral
13 March 1980
Introduced
Introduced in House
Source: IntroReferral
13 March 1980
Introduced
Introduced in House
Source: IntroReferral
30 July 1980
Reported
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 96-1210.
Source: Committee
30 July 1980
Reported
Reported to House from the Committee on Ways and Means with amendment, H. Rept. 96-1210.
Source: Committee
24 September 1980
Passed
Measure passed House, amended.
Source: Floor
24 September 1980
Passed
Passed/agreed to in House: Measure passed House, amended.
Source: Floor
24 September 1980
Floor
Measure called up by special rule in House.
Source: Floor
30 September 1980
Introduced
Referred to Senate Committee on Finance.
Source: IntroReferral
25 November 1980
Reported
Reported to Senate from the Committee on Finance with amendment, S. Rept. 96-1038.
Source: Committee
25 November 1980
Reported
Reported to Senate from the Committee on Finance with amendment, S. Rept. 96-1038.
Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

4 official files

Leesvertaling

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Reported to Senate with amendment(s)
summary · EN · 25 November 1980
Open at official source
Passed House amended
summary · EN · 24 September 1980
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
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Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Reported to House with amendment(s)
summary · EN · 30 July 1980
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Introduced in House
summary · EN · 13 March 1980
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to → A resolution providing for the consideration of the bill H.R. 6806 to amend sections 46(f) and 167(1) of the Internal Revenue Code of 1954 regarding the treatment of public utility property and to provide a transitional rule with respect thereto.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/96th-congress/house-bill/6806
Open data entity: https://api.congress.gov/v3/bill/96/hr/6806
us · 96-hr-6806 · source updated 7 February 2024