H.R. 2872 modifies how public utility companies calculate their taxes by requiring them to reduce their adjusted financial statement income when claiming deductions for repairing and maintaining certain utility property. Specifically, the bill allows utility companies to deduct repair and maintenance expenses that they report on their financial statements, provided those expenses relate to depreciable property. This affects public utility corporations—primarily electric, gas, water, and telecommunications companies—that own and maintain infrastructure. The legislation takes effect for the 2025 tax year and beyond, with no specific new funding allocated. The bill is designed to provide tax relief for utilities investing in infrastructure repair and maintenance, with the stated goal of supporting labor, energy, and infrastructure equity.
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