Page:United States Statutes at Large Volume 96 Part 2.djvu/830

 96 STAT. 2192

PUBLIC LAW 97-424—JAN. 6, 1983

(d) CLERICAL AMENDMENT.—The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end thereof the following new item: "Sec. 9503. Highway Trust Fund."

26 USC 9503 ^°^-

(e) EFFECTIVE DATE; SAVING PROVISION.— (1) IN GENERAL.—The amendments made by this section shall take effect on January 1, 1983. (2) N E W HIGHWAY TRUST FUND TREATED AS CONTINUATION OF

23 USC 120 note.

OLD.—The Highway Trust Fund established by the amendments made by this section shall be treated for all purposes of law as the continuation of the Highway Trust Fund established by section 209 of the Highway Revenue Act of 1956. Any reference in any law to the Highway Trust Fund established by such section 209 shall be deemed to include (wherever appropriate) a reference to the Highway Trust Fund established by the amendments made by this section.

Subtitle E—Miscellaneous Provisions 26 USC 168.

SEC. 541. TAX TREATMENT OF PUBLIC UTILITY PROPERTY. (a) NORMALIZATION METHOD FOR PURPOSES OF DEPRECIATION.—

(1) IN GENERAL.—Paragraph (3) of section 168(e) (relating to special rule for certain public utility property) is amended by redesignating subparagraph (C) as subparagraph (D) and by inserting after subparagraph (B) the following new subparagraph: "(C) USE OF INCONSISTENT ESTIMATES AND PROJECTIONS, ETC.—

"(i) IN GENERAL.—One way in which ments of subparagraph (B) are not met payer, for ratemaking purposes, uses a adjustment which is inconsistent with ments of subparagraph (B).

the requireis if the taxprocedure or the require-

"(ii) USE OF INCONSISTENT ESTIMATES AND PROJEC-

TIONS.—The procedures and adjustments which are to be treated as inconsistent for purposes of clause (i) shall include any procedure or adjustment for ratemaking purposes which uses an estimate or projection of the taxpayer's tax expense, depreciation expense, or reserve for deferred taxes under subparagraph (B)(ii) unless such estimate or projection is also used, for ratemaking purposes, with respect to the other 2 such items and with respect to the rate base. "(iii) REGULATORY AUTHORITY.—The Secretary may

26 USC 167.

by regulations prescribe procedures and adjustments (in addition to those specified in clause (ii)) which are to be treated as inconsistent for purposes of clause (i).". (2) AMENDMENT TO SECTION 167 (1).—Subparagraph (G) of section 167(1)(3) (defining normalization method of accounting) is amended by adding at the end thereof the following new sentence: "For purposes of this subparagraph, rules similar to the rules of section 168(e)(3)(C) shall apply." (b) COMPUTATIONS FOR PURPOSES OF INVESTMENT CREDIT.—Subsec-

26 USC 46.

tion (f) of section 46 (relating to limitation in case of certain

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