Public Utilities: Disposition of Excess Deferred Taxes
GGD-91-51
Published: Sep 27, 1991. Publicly Released: Nov 04, 1991.
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Highlights
Pursuant to a congressional request, GAO provided information on the treatment of privately owned public utilities' excess deferred tax reserves created by the Tax Reform Act of 1986, focusing on: (1) the origin of excess deferred taxes and how utilities may and may not use them; (2) how fast excess deferred tax balances can be passed on to utility customers under normalization; (3) policy issues involving normalization treatment for deferred and excess deferred taxes; and (4) the benefits and costs of the normalization requirement for utilities and utility customers.
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