42 U.S.C. § 16459 — Savings provisions
submitted 21 years ago by Pub. L. 109-58 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 185 words · no verdicts yet
If an activity was legal or authorized on August 8, 2005, a person may keep doing it under the old terms. This part does not limit the Commission's power under other energy laws. Repealing the old 1935 Act does not change existing tax treatment for past transactions.
Nothing in this part, or otherwise in the Public Utility* Holding Company* Act of 1935, or rules, regulations, or orders thereunder, prohibits a person* from engaging in or continuing to engage in activities or transactions in which it is legally engaged or authorized to engage on August 8, 2005, if that person continues to comply with the terms (other than an expiration date or termination date) of any such authorization, whether by rule or by order.
Nothing in this part limits the authority of the Commission under the Federal Power Act (16 U.S.C. 791a et seq.) or the Natural Gas Act (15 U.S.C. 717 et seq.).
Tax treatment under section 1081 1 of title 26 as a result of transactions ordered in compliance with the Public Utility Holding Company* Act of 1935 (15 U.S.C. 79 et seq.) shall not be affected in any manner due to the repeal of that Act and the enactment of the Public Utility Holding Company Act of 2005 [42 U.S.C. 16451 et seq.].
Source credit: (Pub. L. 109–58, title XII, § 1271, Aug. 8, 2005, 119 Stat. 976.)
- 2005Enacted · Pub. L. 109-58 · 119 Stat. 976
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-58 on 2005-08-08.
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