H.R.4971 - Electric Power Industry Tax Modernization Act106th Congress (1999-2000)
Summary: H.R.4971 — 106th Congress (1999-2000)
Electric Power Industry Tax Modernization Act - Amends the Internal Revenue Code to permit a governmental unit to make an irrevocable election to terminate certain tax-exempt financing for electric output facilities.
Introduced in House (07/26/2000)
Sets forth provisions concerning independent transmission companies.
Provides for the exclusion from gross income as contributions to capital of certain amounts received by electric utilities.
Revises the special rules concerning the tax treatment of nuclear decommissioning costs.