Bill > HR2872

This bill amends the Internal Revenue Code to modify how public utility companies calculate their adjusted financial statement income for tax purposes. Specifically, the bill allows public utility companies to reduce their reported financial income by the amount of depreciation and repair and maintenance deductions related to specific utility property. The bill defines "applicable public utility repair and maintenance deductions" as expenses incurred on property owned by the utility that are recorded as depreciation expenses on their financial statements. These changes would apply to taxable years beginning after December 31, 2024. The goal appears to be providing tax relief and financial flexibility for public utility companies by allowing them to more accurately reflect their infrastructure maintenance and replacement costs when calculating their taxable income. This could potentially incentivize utilities to invest more in maintaining and upgrading their infrastructure by providing a tax benefit for such expenditures.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2872/all-info