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.

Summary

Amends the Internal Revenue Code to provide that public utilities which utilize for ratemaking purposes a procedure or adjustment which is inconsistent with methods used in estimating or projecting tax expenses, depreciation expenses, or reserves for deferred taxes shall not be considered to have complied with the normalization method of accounting required for computing the accelerated depreciation and investment tax credit amounts of such utilities. Authorizes the Secretary of the Treasury to prescribe regulations which define other procedures and adjustments which are inconsistent with the normalization method of accounting. Provides that violations of normalization requirements shall not result in a public utility's loss of eligibility for accelerated depreciation or the investment tax credit if: (1) such violations involved the use of estimates, projections, or adjustments to the utility's rate of return; and (2) such estimates, adjustments, or projections only applied for periods ending prior to March 1, 1980, and were included in certain specified orders of a public utility commission. Delays the payment of any tax refunds or credits for overpayments resulting from the amendments made by this Act until after October 1, 1981.

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

Timeline

1. 22 January 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 22 January 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 23 September 1982

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held.

   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 Senate

  summary · EN · 22 January 1981

  Open at official source

Sponsors

• Sen. Hayakawa, Samuel Ichiye [R-CA] · R · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Sponsor
• · ssfi00 · 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.
• 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.