‘‘(C) 
PERMISSIBLE
COMPETITIVE
AC-
TIONS.—For purposes of subparagraph (A), the
term ‘permissible competitive actions’ means
any action taken by the issuer on or after the
date of the enactment of the Comprehensive
Electricity Competition Act regarding—
‘‘(i) transmission property owned by
the issuer if the issuer is subject to an
order of the Federal Energy Regulatory
Commission requiring nondiscriminatory,
open access to transmission facilities in a
manner consistent with rules promulgated
by the Commission under sections 205 and
206 of the Federal Power Act (as in effect
on the date of the enactment of the Com-
prehensive Electricity Competition Act), or
‘‘(ii) generation property or distribu-
tion property owned by the issuer if the
issuer—
‘‘(I) implements retail competi-
tion under section 609 of the Public
Utility Regulatory Policies Act of
1978 (as amended by, and as in effect
on the date of the enactment of, the
Comprehensive Electricity Competi-
tion Act), or
‘‘(II) enters into a contract for
the sale of electricity or use of its dis-
tribution property which will not be-
come effective prior to the date that
the issuer implements retail competi-
tion under section 609 of the Public
Utility Regulatory Policies Act of
1978 (as amended by, and as in effect
on the date of the enactment of, the
Comprehensive Electricity Competi-
tion Act).
‘‘(D) COMPREHENSIVE ELECTRICITY COM-
PETITION
ACT.—For purposes of this para-
graph, references to the Comprehensive Elec-
tricity Competition Act shall be treated as ref-
erences to any law which is substantially iden-
tical to S. 2287 of the 105th Congress, as in-
troduced.
‘‘(2) BONDS ISSUED ON OR AFTER ENACTMENT
OF
COMPREHENSIVE
ELECTRICITY
COMPETITION
ACT.—
‘‘(A) IN GENERAL.—For purposes of this
title, the term ‘private activity bond’ includes
any bond issued as part of an issue any of the
proceeds of which are to be used (directly or in-
directly) for electric output facilities other than
small distribution property.
‘‘(B) SMALL DISTRIBUTION PROPERTY.—
For purposes of subparagraph (A), the term
‘small distribution property’ means any output
facility, including functionally related and sub-
ordinate property, that operates at 69 kilovolts
or less.’’.
(b) EFFECTIVE DATE.—
(1) IN
GENERAL.—Except as otherwise pro-
vided in this subsection, the amendment made by
this section shall apply to obligations issued on or
after the date of the enactment of the Comprehen-
sive Electricity Competition Act (within the meaning
of section 141(e)(1)(D) of the Internal Revenue
Code of 1986, as added by this section).
(2) TREATMENT
OF
PRE-EFFECTIVE
DATE
BONDS.—Section 141(e)(1) of such Code, as added
by this section, shall take effect on the date of the
enactment of this Act.
(3) REFUNDING BONDS.—
(A) IN GENERAL.—For purposes of this
subsection and the amendment made by this
section, section 141(e)(2) of the Internal Reve-
nue Code of 1986, as added by this section,
shall not apply to any qualified refunding bond.
(B) QUALIFIED
REFUNDING
BOND.—For
purposes of subparagraph (A), the term ‘‘quali-
fied refunding bond’’ means any bond (or a
bond which is part of a series of refundings)
issued to refund a pre-effective date electric
output facility bond if—
(i) the weighted average maturity of
the issue of which the refunding bond is a
part does not exceed 120 percent of the av-
erage reasonably expected economic life of
the facilities being financed with the net
proceeds of such issue (determined under
section 147(b) of such Code),
(ii) the amount of the refunding bond
does not exceed the outstanding amount of
the refunded bond, and
(iii) the net proceeds of the refunding
bond are used to redeem the refunded
bond not later than 90 days after the date
of issuance of the refunding bond.
SEC. 2. NUCLEAR DECOMMISSIONING COSTS.
(a) IN GENERAL.—Subsection (b) of section 468A of
the Internal Revenue Code of 1986 is amended to read
as follows:
‘‘(b) LIMITATION ON AMOUNT PAID INTO FUND.—
The amount which a taxpayer may pay into the Fund for
any taxable year shall not exceed the ruling amount appli-
cable to such taxable year.’’
(b) EFFECTIVE DATE.—The amendment made by
this section shall apply to taxable years beginning after
the date of the enactment of this Act.
Æ