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

Bill: 116-hr-3188
Sponsor: full_name: Rep. Thompson, Mike [D-CA-5]
Introduced: 2019-06-10
Policy area: Taxation
Subjects: Charitable contributions

Corporate finance and management

Income tax deductions

Public utilities and utility rates
Latest action: action_date: 2019-06-10
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-06-10
action_desc: Introduced in House
text: <p>This bill amends the Internal Revenue Code, with respect to the tax deduction for charitable contributions, to extend from 5 years to 20 years the time period during which a corporation that is a regulated public utility or an affiliated group may carry over excess charitable contributions.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3188 IN THE HOUSE OF REPRESENTATIVES June 10, 2019 Mr. Thompson of California (for himself and Mr. Smith of Missouri ) 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 extend the limitation on the carryover of excess corporate charitable contributions by regulated public utilities.

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, 2019.