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H.R. 3188: To amend the Internal Revenue Code of 1986 to extend the limitation on the carryover of excess corporate charitable contributions by regulated public utilities.

The text of the bill below is as of Jun 10, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 3188

IN THE HOUSE OF REPRESENTATIVES

June 10, 2019

(for himself and Mr. Smith of Missouri) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to extend the limitation on the carryover of excess corporate charitable contributions by regulated public utilities.

1.

Extension of limitation on carryover of excess charitable contributions by regulated public utilities

(a)

In general

Section 170(d)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

(C)

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.

.

(b)

Effective date

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.