How The New Tax Law Bluebook Impacts Regulated Utilities

Law360 (January 30, 2019, 7:26 PM EST) -- The recently released Joint Committee on Taxation’s Bluebook explanation[1] of the Tax Cuts and Jobs Act[2] confirms that qualifying tangible property leased to a regulated public utility is eligible for the new 100 percent expensing rules, also called full expensing,[3] even if the property would not be eligible for full expensing if it were owned by the regulated utility. 

As discussed below, there was some concern in the industry that an exception applicable to certain property used by a regulated utility, or the regulated utility exception,[4] might extend to an owner/lessor leasing to a regulated utility.  With the release of the Bluebook, we would expect there...

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