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To amend the Internal Revenue Code of 1986 to require adjusted financial statement income to be reduced by the amount of certain deductions relating to repair and maintenance of certain public utility property.
Summary
This bill would amend the tax code to allow public utilities to reduce their adjusted financial statement income by deductions for repair and maintenance of property subject to depreciation. The change would apply to utilities that account for such repair and maintenance expenditures as depreciation expense on their financial statements. The amendment would be effective for taxable years beginning after December 31, 2024.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
11 cosponsors
- Rep. Bost, Mike [R-IL-12] (R-IL)
- Rep. Budzinski, Nikki [D-IL-13] (D-IL)
- Rep. Carter, Troy A. [D-LA-2] (D-LA)
- Rep. Fitzpatrick, Brian K. [R-PA-1] (R-PA)
- Rep. Houlahan, Chrissy [D-PA-6] (D-PA)
- Rep. Moran, Nathaniel [R-TX-1] (R-TX)
- Rep. Panetta, Jimmy [D-CA-19] (D-CA)
- Rep. Sánchez, Linda T. [D-CA-38] (D-CA)
- Rep. Schneider, Bradley Scott [D-IL-10] (D-IL)
- Rep. Sorensen, Eric [D-IL-17] (D-IL)
- Rep. Soto, Darren [D-FL-9] (D-FL)
Actions (2)
- Apr 10, 2025 Referred to the House Committee on Ways and Means. · house
- Apr 10, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
April 10, 2025
Mrs. Miller of West Virginia (for herself and Mr. Schneider) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to require adjusted financial statement income to be reduced by the amount of certain deductions relating to repair and maintenance of certain public utility property.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Repair Expenditures Support Infrastructure, Labor Investment, Energy Needs, and Creates Equity Act of 2025” or the “RESILIENCE Act of 2025”.
SEC. 2. REDUCTION OF ADJUSTED FINANCIAL STATEMENT INCOME WITH RESPECT TO APPLICABLE PUBLIC UTILITY REPAIR AND MAINTENANCE OF PUBLIC UTILITY PROPERTY.
(a) In General.—Section 56A(c)(13) of the Internal Revenue Code of 1986 is amended to read as follows:
“(13) Depreciation.—
“(A) In general.—Adjusted financial statement income shall be—
“(i) reduced by—
“(I) depreciation deductions allowed under section 167 with respect to property to which section 168 applies to the extent of the amount allowed as deductions in computing taxable income for the taxable year, and
“(II) applicable public utility repair and maintenance deductions allowed under section 162 with respect to property to which section 168 applies to the extent of the amount allowed as deductions in computing taxable income for the taxable year, and
“(ii) appropriately adjusted—
“(I) to disregard any amount of depreciation expense that is taken into account on the taxpayer’s applicable financial statement with respect to such property, and
“(II) to take into account any other item specified by the Secretary in order to provide that such property is accounted for in the same manner as it is accounted for under this chapter.
“(B) Applicable public utility repair and maintenance deductions.—For purposes of this paragraph, the term ‘applicable public utility repair and maintenance deductions’ means repair and maintenance deductions allowed to a taxpayer with respect to expenditures which are—
“(i) incurred by such taxpayer with respect to any property described in section 168(i)(10) which is owned by such taxpayer, and
“(ii) taken into account as a depreciation expense on the taxpayer’s applicable financial statement with respect to such property.”.
(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2024. <all>
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