A bill to amend the Internal Revenue Code of 1954 to provide an exclusion from gross income for certain customer payments to energy public utilities.

Excludes from gross income under the Internal Revenue Code customer payments to energy public utilities which are segregated by the public utility on its books of account and are expended within one year of receipt as a qualified capital expenditure (defined as an investment in property having a useful life of 10 years or more, approved by the appropriate agency with ratemaking jurisdiction, and not included in the taxpayer's base for purposes of ratemaking).