H.R.5366: To amend the Internal Revenue Code of 1986 to provide that certain contributions by government entities are treated as contributions to capital.

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.

(Source: Library of Congress)