RESILIENCE Act of 2025

This bill changes how certain utility companies figure a number in the tax code called “adjusted financial statement income” (a calculation based on a company’s financial statements). It lets them lower that number by subtracting normal repair and maintenance costs for public utility property, not just depreciation. It also tells companies to ignore related book depreciation in this calculation so the books and tax rules line up for these assets.

“Public utility” here means property defined in existing tax law. The repair and maintenance costs must be tax‑deductible and also shown on the company’s financial statements in a way tied to depreciation. These changes apply to tax years starting after December 31, 2024.

Key points

• Who is affected: Companies that own public utility property as defined in the tax code.
• What changes: Their adjusted financial statement income is reduced by certain repair and maintenance deductions, and book depreciation for these assets is ignored in that calculation to keep treatment consistent.
• When: For tax years beginning after December 31, 2024.