Section 1 Extension of limitation on carryover of excess charitable contributions by regulated public utilities
In general— Section 170(d)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
“(C) Special rule for regulated public utilities—In the case of a corporation that is a regulated public utility (as defined in section 7701(a)(33)), or an affiliated group of which such a regulated public utility is a part, subparagraph (A) shall be applied by substituting “20 succeeding taxable years” for “5 succeeding taxable years” and by substituting “each of the second through twentieth” for “the second, third, fourth, or fifth”.”
Effective date— The amendments made by this section shall apply to excess contributions which are deductible under section 170(d)(2)(A) of such Code in succeeding taxable years beginning after December 31, 2019.