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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
9/24/1974--Introduced. Public Utility Tax Act - States that "public utility property", for purposes of determining the investment tax credit under the Internal Revenue Code, does not include property which is used predominantly in a trade or business of the furnishing or sale of electrical energy or water or of gas through a local distribution system; and the construction, reconstruction, or erection of which is completed by the taxpayer after the date of the enactment of this Act. Redefines depreciation allowance under the Internal Revenue Code for computing earnings and profits to exclude from the provisions of this Act a corporation which is engaged in the sale of electrical energy or gas, if the rates for such sale have been established or approved by a State, local, or national body, or a public utility or public service body.