Amendments
2021—Subsec. (b). Pub. L. 117–58, § 80601(a)(1), inserted “except as provided in subsection (c),” after “For purposes of subsection (a),” in introductory provisions.
Subsecs. (c) to (e). Pub. L. 117–58, § 80601(a)(2), (3), added subsecs. (c) and (d), redesignated former subsec. (d) as (e), and struck out former subsec. (c) which related to regulations.
2017—Subsecs. (b) to (e). Pub. L. 115–97 added subsecs. (b) and (c), redesignated subsec. (e) as (d), and struck out former subsecs. (b) to (d) which related to contributions in aid of construction, special rules for water and sewerage disposal utilities, and statute of limitations for assessment of deficiencies, respectively.
1996—Subsec. (b). Pub. L. 104–188, § 1613(a)(2), inserted “except as provided in subsection (c),” before “the term”.
Subsecs. (c) to (e). Pub. L. 104–188, § 1613(a)(1), added subsecs. (c) and (d) and redesignated former subsec. (c) as (e).
1986—Subsec. (b). Pub. L. 99–514, § 824(a), added subsec. (b) and struck out former subsec. (b) relating to contributions in aid of construction, containing par. (1) general rule, par. (2) expenditure rule, par. (3) definitions, and par. (4) disallowance of deductions and investment credit; adjusted basis.
Subsecs. (c), (d). Pub. L. 99–514, § 824(a), redesignated former subsec. (d) as (c) and struck out former subsec. (c), statute of limitations, which read as follows: “If the taxpayer for any taxable year treats an amount as a contribution to the capital of the taxpayer described in subsection (b), then—
“(1) the statutory period for the assessment of any deficiency attributable to any part of such amount shall not expire before the expiration of 3 years from the date the Secretary is notified by the taxpayer (in such manner as the Secretary may prescribe) of—
“(A) the amount of the expenditure referred to in subparagraph (A) of subsection (b)(2),
“(B) the taxpayer’s intention not to make the expenditures referred to in such subparagraph, or
“(C) a failure to make such expenditure within the period described in subparagraph (B) of subsection (b)(2); and
“(2) such deficiency may be assessed before the expiration of such 3-year period notwithstanding the provisions of any other law or rule of law which would otherwise prevent such assessment.”
1984—Subsecs. (c), (d). Pub. L. 98–369 added subsec. (c) and redesignated former subsec. (c) as (d).
1980—Subsec. (c). Pub. L. 96–589 designated existing provisions as par. (1) and added par. (2).
1978—Subsec. (b)(1). Pub. L. 95–600, § 364(a)(1), (2), substituted in provisions preceding subpar. (A) “electric energy, gas (through a local distribution system or transportation by pipeline), water,” for “water” and in subpar. (B) “electric energy, gas, steam, water,” for “water”.
Subsec. (b)(2)(A)(ii). Pub. L. 95–600, § 364(a)(3), substituted “electric energy, gas, steam, water,” for “water”.
Subsec. (b)(3)(A). Pub. L. 95–600, § 364(a)(4), substituted “line to an electric line, a gas main, a steam line, or a main water or sewer line” for “property to a main water or sewer line”.
Subsec. (b)(3)(C). Pub. L. 95–600, § 364(a)(5), substituted “electric energy, gas, water,” for “water” and inserted “(including in the case of a gas transmission utility, the provision of gas services by sale for resale to the general public)” after “members of the general public”.
1976—Subsecs. (b), (c). Pub. L. 94–455, § 2120(a), added subsec. (b) and redesignated former subsec. (b) as (c).