Sec. 125. Normalization opt-out for utilities
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/bill/116/hr/7516/ih/section-125·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Paragraph
(2)of section 50(d) of the Internal Revenue Code of 1986 is amended by adding after the first sentence the following: At the election of a taxpayer, this paragraph shall not apply to energy property described in clause
(i)or
(ix)of section 48(a)(3)(A) that is placed in service by the taxpayer after December 31, 2019, provided— no election under this paragraph shall be permitted if the making of such election is prohibited by, or required by, a State or political subdivision thereof, by any agency or instrumentality of the United States, or by a public service or public utility commission or other similar body of any State or political subdivision that regulates public utilities as described in section 7701(a)(33)(A), and an election under this paragraph shall be made separately with respect to each energy property by the due date (including extensions) of the Federal tax return for the taxable year in which such property is placed in service by the taxpayer, and once made, may be revoked only with the consent of the Secretary. .