Sec. 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. (See also Account 7410, Nonoperating Investment Tax Credits--
Net.) 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.