Referred to the House Committee on Ways and Means.
This bill amends Internal Revenue Code section 56A(c)(13) to require that adjusted financial statement income (AFSI) be reduced by depreciation deductions and certain public-utility repair and maintenance deductions for property subject to section 168. "Applicable public utility repair and maintenance deductions" are those under section 162 for expenditures on property described in section 168(i)(10) that the taxpayer treats as depreciation on its financial statements. The change applies to taxable years beginning after December 31, 2024.
Liberals focus on fiscal cost and corporate tax-break framing
Relative to its intended legislative type, this bill is a narrowly targeted substantive tax-law amendment that modifies the computation of adjusted financial statement income to require inclusion of certain repair and maintenance deductions related to public utility property and integrates that rule into existing code references.
This bill amends Internal Revenue Code section 56A(c)(13) to require that adjusted financial statement income (AFSI) be reduced by depreciation deductions and certain public-utility repair and maintenance deductions for property subject to section 168. "Applicable public utility repair and maintenance deductions" are those under section 162 for expenditures on property described in section 168(i)(10) that the taxpayer treats as depreciation on its financial statements.
The change applies to taxable years beginning after December 31, 2024.
Technically narrow but fiscally nontrivial; standalone bill unlikely to clear both chambers without inclusion in a larger tax or appropriations package.
Relative to its intended legislative type, this bill is a narrowly targeted substantive tax-law amendment that modifies the computation of adjusted financial statement income to require inclusion of certain repair and maintenance deductions related to public utility property and integrates that rule into existing code references.
Liberals focus on fiscal cost and corporate tax-break framing
These are examples from the analysis, not a ranked list of the most-affected groups.
Liberals focus on fiscal cost and corporate tax-break framing
Likely skeptical because the change functions as a tax benefit for public utilities and large companies, potentially reducing federal revenue.
Some support could exist if the provision clearly promotes necessary maintenance, job retention, and infrastructure resilience, but only with offsets or labor protections.
Views the bill as a technical book-tax alignment that could simplify reporting and encourage necessary repairs, but worries about unscored fiscal impacts.
Willing to support with clarifications, limiting scope, or offsets to address cost concerns.
Generally favorable because it lowers tax burdens, reduces complexity between financial and tax accounting, and supports utility reliability.
Prefers tax treatment that lets private companies invest in maintenance without heavy federal intervention.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Technically narrow but fiscally nontrivial; standalone bill unlikely to clear both chambers without inclusion in a larger tax or appropriations package.
The bill has not accumulated any surfaced votes yet.
Liberals focus on fiscal cost and corporate tax-break framing
Technically narrow but fiscally nontrivial; standalone bill unlikely to clear both chambers without inclusion in a larger tax or appropriat…
Relative to its intended legislative type, this bill is a narrowly targeted substantive tax-law amendment that modifies the computation of adjusted financial statement income to require inclusion of certain repair and m…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.