Bill Number: S. 972
Short Title: The Electric Power Industry Tax Modernization Act
Introduced: May 25, 2001
Sponsor: Senator Frank Murkowski (R-Alaska)

Purpose: To amend the Internal Revenue Code of 1986 to improve electric reliability, enhance transmission infrastructure, and to facilitate access to the electric transmission grid.

Summary: Amends the Internal Revenue Code to permit a governmental unit to make an irrevocable election to terminate certain tax-exempt bond financing for electric output facilities. Sets forth provisions concerning independent transmission companies. Provides for the exclusion from gross income as contributions to capital of certain amounts received by electric utilities. Revises the special rules concerning the tax treatment of nuclear decommissioning costs.