Excluding utility rebates from gross income

The Comprehensive National Energy Policy Act of 1992 provides for the exclusion from gross income of certain energy conservation subsidies received by public utility customers. The act amended the IRC by redesignating IRC Section 136 as IRC Section 137 and by introducing new IRC Section 136 effectiv...

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Bibliographic Details
Published in:The CPA journal (1975) 1993-03, Vol.63 (3), p.56
Main Authors: Bird, Bruce M, Platau, Steven M, Beatty, Warren A
Format: Article
Language:English
Subjects:
Customers
Electric utilities
Energy conservation
Energy consumption
Energy policy
Energy Policy Act 1992-US
Exclusion
Gross income
Internal Revenue Code
Natural gas utilities
Public utilities
Rebates
Section 136
Subsidies
Tax incentives
Taxation
Utilities
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Summary:The Comprehensive National Energy Policy Act of 1992 provides for the exclusion from gross income of certain energy conservation subsidies received by public utility customers. The act amended the IRC by redesignating IRC Section 136 as IRC Section 137 and by introducing new IRC Section 136 effective for subsidies received after December 31, 1992. Under the new Section 136, the value of any subsidy provided (directly or indirectly) by a public utility to a customer for the purchase or installation of any energy conservation measure is excluded from the customer's gross income. If the energy conservation measure relates to a dwelling unit, then the entire rebate amount can be excluded. As a result, cash rebates received by residential utility consumers who install energy-saving appliances or devices under load-control or load-management programs would appear to be excludible from income under new Section 136.
ISSN:0732-8435