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2007 SESSION

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HB 3153 Income tax, state; SCC to determine tax costs for investor-owned public utilities.

Introduced by: Samuel A. Nixon, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Income tax; public utilities. Directs the State Corporation Commission to determine the federal and state income tax costs for investor-owned water, gas or electric utilities that are part of a publicly traded consolidated group by calculating its apportioned state income tax costs according to the applicable statutory rate and its federal income tax costs according to the applicable federal income tax rate, excluding any consolidated tax liability or benefit adjustments originating from any taxable income or loss of its affiliates.

SUMMARY AS PASSED HOUSE:

Income tax; public utilities. Directs the State Corporation Commission, when it determines rate base and the cost of service in rates for any utility that is part of an investor-owned, publicly traded consolidated group, to use reports of investor-owned electric or natural gas utilities regarding federal and apportioned state income tax expense excluding any consolidated tax liability or benefits adjustments originating from the taxable income or less of its affiliates.

SUMMARY AS INTRODUCED:

Income tax; public utilities.  Directs the State Corporation Commission, when it determines the cost of service in rates, to apply the applicable tax rate as if the public utility filed an income tax return on a stand-alone basis, without regard to the operations of its affiliates. The measure states that it is declarative of existing law.