§  32.7210   Operating investment tax credits--net.

   (a) This account shall be charged and Account 4320, Unamortized
   Operating Investment Tax Credits--Net, shall be credited with
   investment tax credits generated from qualified expenditures related to
   regulated operations which the company defers rather than recognizes
   currently in income.

   (b) This account shall be credited and Account 4320 shall be charged
   ratably with the amortization of each year's investment tax credits
   included in Account 4320 for investment services for ratemaking
   purposes. Such amortization shall be determined in relation to the
   period of time used for computing book depreciation on the property
   with respect to which the tax credits relate.

   [ 51 FR 43499 , Dec. 2, 1986, as amended at  67 FR 5698 , Feb. 6, 2002]