I
119THCONGRESS
1
STSESSION 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
APRIL10, 2025
Mrs. M
ILLERof 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 Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Repair Expenditures 4
Support Infrastructure, Labor Investment, Energy Needs, 5
and Creates Equity Act of 2025’’ or the ‘‘RESILIENCE 6
Act of 2025’’. 7
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SEC. 2. REDUCTION OF ADJUSTED FINANCIAL STATEMENT 1
INCOME WITH RESPECT TO APPLICABLE 2
PUBLIC UTILITY REPAIR AND MAINTENANCE 3
OF PUBLIC UTILITY PROPERTY. 4
(a) I
NGENERAL.—Section 56A(c)(13) of the Inter-5
nal Revenue Code of 1986 is amended to read as follows: 6
‘‘(13) D
EPRECIATION.— 7
‘‘(A) I
N GENERAL.—Adjusted financial 8
statement income shall be— 9
‘‘(i) reduced by— 10
‘‘(I) depreciation deductions al-11
lowed under section 167 with respect 12
to property to which section 168 ap-13
plies to the extent of the amount al-14
lowed as deductions in computing tax-15
able income for the taxable year, and 16
‘‘(II) applicable public utility re-17
pair and maintenance deductions al-18
lowed under section 162 with respect 19
to property to which section 168 ap-20
plies to the extent of the amount al-21
lowed as deductions in computing tax-22
able income for the taxable year, and 23
‘‘(ii) appropriately adjusted— 24
‘‘(I) to disregard any amount of 25
depreciation expense that is taken into 26
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•HR 2872 IH
account on the taxpayer’s applicable 1
financial statement with respect to 2
such property, and 3
‘‘(II) to take into account any 4
other item specified by the Secretary 5
in order to provide that such property 6
is accounted for in the same manner 7
as it is accounted for under this chap-8
ter. 9
‘‘(B) A
PPLICABLE PUBLIC UTILITY REPAIR 10
AND MAINTENANCE DEDUCTIONS .—For pur-11
poses of this paragraph, the term ‘applicable 12
public utility repair and maintenance deduc-13
tions’ means repair and maintenance deductions 14
allowed to a taxpayer with respect to expendi-15
tures which are— 16
‘‘(i) incurred by such taxpayer with 17
respect to any property described in sec-18
tion 168(i)(10) which is owned by such 19
taxpayer, and 20
‘‘(ii) taken into account as a deprecia-21
tion expense on the taxpayer’s applicable 22
financial statement with respect to such 23
property.’’. 24
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(b) EFFECTIVEDATE.—The amendments made by 1
this section shall apply to taxable years beginning after 2
December 31, 2024. 3
Æ
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