A bill to amend the Internal Revenue Code of 1954 to provide that income derived from the regulated sale of electrical energy will be exempt from income taxes, to impose an excise tax on the purchase of electrical energy from a public utility.
Electric Utility Tax Reform Act - Amends the Internal Revenue Code to exclude from the gross income of a regulated public utility any amount, including any gain from the sale or transfer of certain property, derived by such utility from a regulated electric trade or business.
Imposes on any purchaser of electricity from a public utility a tax in an amount equal to 0.04 of a cent per kilowatt hour so purchased.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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