To amend the Internal Revenue Code of 1986 to provide that certain contributions by government entities are treated as contributions to capital.

[AI summary unavailable — showing source text] This bill allows an exclusion from gross income, for income tax purposes, of certain amounts received as contributions to capital by a regulated public utility that provides water or sewerage disposal services. It also provides a three-year statute of limitations period for any deficiency attributable to the treatment of such amounts as a contribution to capital.…