H.R. 2872

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2872 Introduced in House (IH)]

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119th CONGRESS
1st Session
H. R. 2872

To amend the Internal Revenue Code of 1986 to require adjusted 
financial statement income to be reduced by the amount of certain 
deductions relating to repair and maintenance of certain public utility 
property.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 10, 2025

Mrs. Miller of West Virginia (for herself and Mr. Schneider) 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 require adjusted 
financial statement income to be reduced by the amount of certain 
deductions relating to repair and maintenance of certain public utility 
property.

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

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Repair Expenditures Support 
Infrastructure, Labor Investment, Energy Needs, and Creates Equity Act 
of 2025'' or the ``RESILIENCE Act of 2025''.

SEC. 2. REDUCTION OF ADJUSTED FINANCIAL STATEMENT INCOME WITH RESPECT 
TO APPLICABLE PUBLIC UTILITY REPAIR AND MAINTENANCE OF 
PUBLIC UTILITY PROPERTY.

(a) In General.--Section 56A(c)(13) of the Internal Revenue Code of 
1986 is amended to read as follows:
``(13) Depreciation.--
``(A) In general.--Adjusted financial statement 
income shall be--
``(i) reduced by--
``(I) depreciation deductions 
allowed under section 167 with respect 
to property to which section 168 
applies to the extent of the amount 
allowed as deductions in computing 
taxable income for the taxable year, 
and
``(II) applicable public utility 
repair and maintenance deductions 
allowed under section 162 with respect 
to property to which section 168 
applies to the extent of the amount 
allowed as deductions in computing 
taxable income for the taxable year, 
and
``(ii) appropriately adjusted--
``(I) to disregard any amount of 
depreciation expense that is taken into 
account on the taxpayer's applicable 
financial statement with respect to 
such property, and
``(II) to take into account any 
other item specified by the Secretary 
in order to provide that such property 
is accounted for in the same manner as 
it is accounted for under this chapter.
``(B) Applicable public utility repair and 
maintenance deductions.--For purposes of this 
paragraph, the term `applicable public utility repair 
and maintenance deductions' means repair and 
maintenance deductions allowed to a taxpayer with 
respect to expenditures which are--
``(i) incurred by such taxpayer with 
respect to any property described in section 
168(i)(10) which is owned by such taxpayer, and
``(ii) taken into account as a depreciation 
expense on the taxpayer's applicable financial 
statement with respect to such property.''.
(b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2024.
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