[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2872 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 2872

    To amend the Internal Revenue Code of 1986 to require adjusted 
   financial statement income to be reduced by the amount of certain 
deductions relating to repair and maintenance of certain public utility 
                               property.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 10, 2025

Mrs. Miller of West Virginia (for herself and Mr. Schneider) 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 require adjusted 
   financial statement income to be reduced by the amount of certain 
deductions relating to repair and maintenance of certain public utility 
                               property.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Repair Expenditures Support 
Infrastructure, Labor Investment, Energy Needs, and Creates Equity Act 
of 2025'' or the ``RESILIENCE Act of 2025''.

SEC. 2. REDUCTION OF ADJUSTED FINANCIAL STATEMENT INCOME WITH RESPECT 
              TO APPLICABLE PUBLIC UTILITY REPAIR AND MAINTENANCE OF 
              PUBLIC UTILITY PROPERTY.

    (a) In General.--Section 56A(c)(13) of the Internal Revenue Code of 
1986 is amended to read as follows:
            ``(13) Depreciation.--
                    ``(A) In general.--Adjusted financial statement 
                income shall be--
                            ``(i) reduced by--
                                    ``(I) depreciation deductions 
                                allowed under section 167 with respect 
                                to property to which section 168 
                                applies to the extent of the amount 
                                allowed as deductions in computing 
                                taxable income for the taxable year, 
                                and
                                    ``(II) applicable public utility 
                                repair and maintenance deductions 
                                allowed under section 162 with respect 
                                to property to which section 168 
                                applies to the extent of the amount 
                                allowed as deductions in computing 
                                taxable income for the taxable year, 
                                and
                            ``(ii) appropriately adjusted--
                                    ``(I) to disregard any amount of 
                                depreciation expense that is taken into 
                                account on the taxpayer's applicable 
                                financial statement with respect to 
                                such property, and
                                    ``(II) to take into account any 
                                other item specified by the Secretary 
                                in order to provide that such property 
                                is accounted for in the same manner as 
                                it is accounted for under this chapter.
                    ``(B) Applicable public utility repair and 
                maintenance deductions.--For purposes of this 
                paragraph, the term `applicable public utility repair 
                and maintenance deductions' means repair and 
                maintenance deductions allowed to a taxpayer with 
                respect to expenditures which are--
                            ``(i) incurred by such taxpayer with 
                        respect to any property described in section 
                        168(i)(10) which is owned by such taxpayer, and
                            ``(ii) taken into account as a depreciation 
                        expense on the taxpayer's applicable financial 
                        statement with respect to such property.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2024.
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