S 289
103th Congress
Senate
Taxation
Construction costs
Corporation taxes
Depreciation and amortization
Income tax
Public utilities
Sewage disposal
Tax deductions
Tax exclusion
Water supply
A bill to amend section 118 of the Internal Revenue Code of 1986 to provide for certain exceptions from rules for determining contributions in aid of construction, and for other purposes.
Introduced: February 3, 1993
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 3, 1993
Read twice and referred to the Committee on Finance.
Feb 3, 1993
Sponsor introductory remarks on measure. (CR S1178)
Feb 3, 1993
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code with respect to the corporate income tax exclusion of contributions to the capital of the taxpayer. Includes as a qualifying contribution any amount of money or property received by a regulated public utility which provides water or sewage disposal services that: (1) is a contribution in aid of construction; (2) meets certain expenditure requirements; and (3) is not included in the taxpayer's rate base. Excludes amounts paid as service charges for starting or stopping services.
Determines the depreciation deduction for such property by using the straight line method and provides for a 25-year recovery period.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1