HR 957
104th Congress
House
Taxation
Commerce
Construction costs
Corporation taxes
Depreciation and amortization
Energy
Energy policy
Environmental Protection
Income tax
Investment tax credit
Public utilities
Sewage disposal
Tax deductions
Tax exclusion
Water Resources Development
Water supply
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 15, 1995
See on congress.gov
Everywhere this bill has been
5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 12, 1995
Committee Hearings Held.
Jul 11, 1995
Committee Hearings Held.
Feb 16, 1995
Sponsor introductory remarks on measure. (CR E362-363)
Feb 15, 1995
Referred to the House Committee on Ways and Means.
Feb 15, 1995
Introduced in House
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
Committee Hearings Held.
Committees of jurisdiction
1