[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4286 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 4286

 To amend the Internal Revenue Code of 1986 to allow electric utility 
   companies to expense the cost of replacing above-ground electric 
    transmission lines with underground electric transmission lines.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 9, 2005

   Mr. Shaw 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 allow electric utility 
   companies to expense the cost of replacing above-ground electric 
    transmission lines with underground electric transmission lines.

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

SECTION 1. EXPENSING OF CERTAIN REPLACEMENT UNDERGROUND ELECTRIC 
              TRANSMISSION LINES.

    (a) In General.--Part VI of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to itemized deductions for 
individuals and corporations) is amended by inserting after section 
179D the following new section:

``SEC. 179E. ELECTION TO EXPENSE CERTAIN REPLACEMENT UNDERGROUND 
              ELECTRIC TRANSMISSION LINES.

    ``(a) In General.--A qualified public electric utility may elect to 
treat the cost of any qualified underground transmission line as an 
expense which is not chargeable to capital account. Any cost so treated 
shall be allowed as a deduction for the taxable year in which the 
qualified underground transmission line is placed in service.
    ``(b) Qualified Underground Transmission Line.--For purposes of 
this section, the term `qualified underground transmission line' means 
any line for the transmission of electricity--
            ``(1) which is run underground,
            ``(2) which replaces a line for the transmission of 
        electricity which is run above ground,
            ``(3) which is section 179 property, and
            ``(4) the original use of which commences with the 
        taxpayer.
    ``(c) Qualified Public Electric Utility.--For purposes of this 
section, the term `qualified public electric utility' means any person 
engaged in the sale of electricity to residential, commercial, or 
industrial customers for use by such customers.''.
    (b) Clerical Amendment.--The table of sections for part VI of 
subchapter B of chapter 1 of such Code is amended by adding at the end 
the following new item:

``Sec. 179E. Election to expense certain replacement underground 
                            electric transmission lines.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.
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