Summary: H.R.957 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.957. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/15/1995)

Amends the Internal Revenue Code with respect to the corporate income tax exclusion of contributions to the capital of the taxpayer. Includes as a qualifying contribution any amount of money or property received by a regulated public utility which provides water or sewage disposal services that: (1) is a contribution in aid of construction; (2) meets certain expenditure requirements; and (3) is not included in the taxpayer's rate base. Excludes amounts paid as service charges for starting or stopping services.

Determines the depreciation deduction for such property by using the straight line method and provides for a 25-year recovery period.