To amend the Internal Revenue Code of 1986 to provide that interest on indebtedness used to finance the furnishing or sale of rate-regulated electric energy or natural gas in the United States shall be allocated solely to sources within the United States.
The source supplies the latest action, but no lifecycle stage.
Latest action (21 Oct 1998): Sponsor introductory remarks on measure. (CR E2269-2270)
What this bill does
This bill, H.R. 4871, would amend the Internal Revenue Code to change how interest expenses are allocated for certain types of business debt. Specifically, it would ensure that interest paid on debt used to finance the operation or property for providing rate-regulated electric energy or natural gas within the United States is considered solely from U.S. sources. This debt would also not be factored into the allocation of other interest expenses.
The bill affects businesses that provide rate-regulated electric energy or natural gas. It would apply to indebtedness incurred to conduct these businesses or to acquire, construct, or finance property predominantly used for these purposes. The definition of "rate-regulated" includes situations where rates are set or approved by government bodies or public utility commissions.
This legislation was introduced in the House of Representatives in October 1998 and was referred to the Committee on Ways and Means. Its current status is "Introduced," meaning it has not advanced further in the legislative process.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Amends Internal Revenue Code provisions relating to rules for allocating interest to provide, in general, that interest on any qualified infrastructure indebtedness shall be allocated and apportioned solely to sources within the United States, and such indebtedness shall not be taken into account in allocating and apportioning other interest expense. Defines the term "qualified infrastructure indebtedness" to mean any indebtedness incurred to carry on the trade or business of the furnishing or sale of electric energy or natural gas in the United States, or to acquire, construct, or otherwise finance property used predominantly in such trade or business.
Timeline
21 Oct 1998
Sponsor introductory remarks on measure. (CR E2269-2270)
Common questions
- What does H.R. 4871 do?
- This bill, H.R. 4871, would amend the Internal Revenue Code to change how interest expenses are allocated for certain types of business debt. Specifically, it would ensure that interest paid on debt used to finance the operation or property for providing rate-regulated electric energy or natural gas within the United States is considered solely from U.S. sources. This debt would also not be factored into the allocation of other interest expenses. The bill affects businesses that provide rate-regulated electric energy or natural gas. It would apply to indebtedness incurred to conduct these businesses or to acquire, construct, or finance property predominantly used for these purposes. The definition of "rate-regulated" includes situations where rates are set or approved by government bodies or public utility commissions. This legislation was introduced in the House of Representatives in October 1998 and was referred to the Committee on Ways and Means. Its current status is "Introduced," meaning it has not advanced further in the legislative process.
- Has H.R. 4871 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 4871. Check the latest action and official source below.
- Who sponsored H.R. 4871?
- H.R. 4871 was sponsored by Rep. McCrery, Jim [R-LA-4] (R-LA), with 1 cosponsor.
- What's the latest action on H.R. 4871?
- Sponsor introductory remarks on measure. (CR E2269-2270) (21 Oct 1998).
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