[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1686 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1686

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


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 22, 2017

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

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                                 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.

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

SECTION 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, 2016.
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