PRINTER'S NO. 224
No. 201 Session of 1983
INTRODUCED BY BURNS, LAUGHLIN, LLOYD, REINARD, J. L. WRIGHT AND KUKOVICH, FEBRUARY 9, 1983
REFERRED TO COMMITTEE ON CONSUMER AFFAIRS, FEBRUARY 9, 1983
AN ACT 1 Amending Title 66 (Public Utilities) of the Pennsylvania 2 Consolidated Statutes, requiring the commission to perform a 3 comprehensive study of certain tax credits and deferrals. 4 The General Assembly of the Commonwealth of Pennsylvania 5 hereby enacts as follows: 6 Section 1. Title 66 of the Pennsylvania Consolidated 7 Statutes is amended by adding a section to read: 8 § 514. Study of Federal tax credits and deferrals. 9 The commission shall undertake a comprehensive study in 10 cooperation with appropriate State and Federal agencies, 11 including the Federal Energy Regulatory Commission and the 12 Internal Revenue Service, to determine the dollar value of the 13 deferred Federal taxes of Pennsylvania electric utilities with 14 gross annual revenues in excess of $2,500,000. The study shall 15 be directed to findings on: 16 (1) The amount of investment tax credit generated each 17 year since 1971. 18 (2) An annual summary of the accelerated depreciation of
1 Federal tax deferrals received since 1971. 2 (3) The impact on present and future utility rates on 3 the availability or nonavailability of such tax credits and 4 deferrals. 5 The commission shall have 180 days to prepare this study, making 6 it current as of the previous tax year. Thereafter, the 7 commission shall publish an annual update. 8 Section 2. This act shall take effect in 60 days. A27L66JLW/19830H0201B0224 - 2 -