Accounting Treatment of the Investment Tax Credit and Accelerated Depreciation for Public Utility Ratemaking Purposes: Hearing Before the Committee on Ways and Means, House of Representatives, Ninety-sixth Congress, Second Session, on H.R. 6806 and H.R. 3165, April 15, 1980U.S. Government Printing Office, 1980 - 136 lappuses |
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accelerated depreciation adjustments AL ULLMAN allowed amended amount assets bill BROPHY BRYSON California Public Utilities California Supreme Court capital formation Chairman City Attorneys Committee common stock Company of California CONGRESS THE LIBRARY Congressional construction consumers CORMAN cost of service CPUC credit and accelerated customers December 31 deferred tax dollars earnings effect electric utility eligibility equipment Federal income tax Federal tax financing full normalization future HALPERIN increase inflation intent interest Internal Revenue Code Internal Revenue Service investment credit investment tax credit investors IOUS issue legislation LIBRARY OF CONGRESS ment million natural gas normalization method normalization requirements Pacific Telephone percent plant Preferred Stock problem Public Utilities Commission ratable rate base rate of return ratemaking purposes ratepayers reduced refunds regulated utilities regulatory commission result ROUSSELOT rules Section 46 set rates STARK subsidies tax benefits tax expense tax liability taxpayer telephone companies tion Treasury treatment unregulated utility rates
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11. lappuse - The House Ways and Means Committee compromised by giving the public utilities one-half the credit allowed other industries. The Committee justified the decision as follows : "The smaller credit [for public utilities] is provided * * * because much of its benefit in these regulated industries is likely to he passed on in lower rates to consumers, thereby negating much of the stimulative effect on investments.
11. lappuse - Mr. Chairman and members of the subcommittee, I welcome this opportunity to appear before you to...
91. lappuse - In order to use a normalization method of accounting with respect to any public utility property — "(i) the taxpayer must use the same method of depreciation to compute both its tax expense and its depreciation expense for purposes of establishing its cost of service for ratemaking purposes and for reflecting operating results in its regulated books of account...
60. lappuse - NEW JERSEY BELL TELEPHONE COMPANY THE BELL TELEPHONE COMPANY OF PENNSYLVANIA THE DIAMOND STATE TELEPHONE COMPANY THE CHESAPEAKE AND POTOMAC TELEPHONE COMPANY THE CHESAPEAKE AND POTOMAC TELEPHONE COMPANY OF...
51. lappuse - Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
16. lappuse - ... (B) Rate base reduction. If the base to which the taxpayer's rate of return for ratemaking purposes is applied is reduced by reason of any portion of the credit allowable by section 38 (determined without regard to this subsection) . (3) Special rule for immediate flow-through in certain cases.
92. lappuse - ... if the rates for such furnishing or sale, as the case may be, have been established or approved by a State or political subdivision thereof, by an agency or instrumentality of the United States, or by a public service or public utility commission or other similar body of the District of Columbia or of any State or political subdivision thereof.
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