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House Bill 1948


 

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House Bill 1948

ARCHIVE (2001)

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DIGEST OF HB1948 (Updated March 27, 2001 5:17 PM - DI 84)

Gross income tax exemptions. Provides that amounts received from the sale, lease, or other transfer by or to an electric utility or a general district REMC of an interest in an electric generating facility that at the time of the sale, lease, or transfer is subject, at least in part, to certain "safe harbor" sale-leaseback provisions under the Internal Revenue Code is exempt from gross income tax to the extent of any mortgage, security interest, or similar encumbrance on the interest in the facility. Provides an exemption from the gross income tax for amounts received under a "qualified investment" that is acquired for the purpose of enabling a lessee to pay the basic rent and exercise price of a purchase option under the lease of an interest in an electric generating facility that, at least in part, is subject to "safe harbor" sale-leaseback provisions of the Internal Revenue Code.
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