H. R. 3188
IN THE HOUSE OF REPRESENTATIVES
June 10, 2019
Mr. Thompson of California (for himself and Mr. Smith of Missouri) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to extend the limitation on the carryover of excess corporate charitable contributions by regulated public utilities.
Extension of limitation on carryover of excess charitable contributions by regulated public utilities
Section 170(d)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
Special rule for regulated public utilities
In the case of a corporation that is a regulated public utility (as defined in section 7701(a)(33)), or an affiliated group of which such a regulated public utility is a part, subparagraph (A) shall be applied by substituting
20 succeeding taxable years for
5 succeeding taxable years and by substituting
each of the second through twentieth for
the second, third, fourth, or fifth.
The amendments made by this section shall apply to excess contributions which are deductible under section 170(d)(2)(A) of such Code in succeeding taxable years beginning after December 31, 2019.