A water or wastewater public utility is solely responsible for funding the income taxes on taxable contributions in aid of construction and customer advances for construction and shall record the income taxes the water or wastewater utility pays in accumulated deferred income taxes for accounting and ratemaking purposes.
N.C. Gen. Stat. § 62-133.12B
Computation of income tax expense for ratemaking purposes; taxable contributions
2021-23, s. 25; 2021-76, s. 4.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.