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A bill to amend the Internal Revenue Code of 1986 to modify the credit for production from advanced nuclear power facilities.

USA115th CongressS-666| Senate 
| Updated: 3/15/2017
Tim Scott

Tim Scott

Republican Senator

South Carolina

Cosponsors (3)
Lindsey Graham (Republican)Johnny Isakson (Republican)Cory A. Booker (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill amends the Internal Revenue Code, with respect to the tax credit for the production of electricity from advanced nuclear power facilities, to: (1) establish requirements for the allocation of unutilized portions of the national megawatt capacity limitation, and (2) allow public entities to transfer the credit to project partners. If a portion of the 6,000 national megawatt capacity limitation for the credit is unutilized after December 31, 2020, the Internal Revenue Service must allocate the unutilized capacity: (1) first to facilities that were placed in service on or before December 31, 2020, and did not receive an allocation equal to their full nameplate capacity; and (2) then to facilities placed in service after December 31, 2020, in the order in which the facilities are placed in service. The placed-in-service sunset date of January 1, 2021, does not apply to the allocations of unutilized national megawatt capacity. Qualified public entities may transfer the credit to an eligible project partner. A "qualified public entity" is: (1) a federal, state, or local government or any political subdivision, agency, or instrumentality thereof; (2) a mutual or cooperative electric company; or (3) a not-for-profit electric utility which has or had received a loan or loan guarantee under the Rural Electrification Act of 1936. An "eligible project partner" includes any person who: (1) is responsible for, or is participating in, the design or construction of the facility; (2) participates in the provision of nuclear steam or nuclear fuel to the facility; or (3) has an ownership interest in the facility.
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Timeline
Mar 15, 2017
Introduced in Senate
Mar 15, 2017
Read twice and referred to the Committee on Finance.
  • March 15, 2017
    Introduced in Senate


  • March 15, 2017
    Read twice and referred to the Committee on Finance.

Taxation

Related Bills

  • HR 115-1: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.
  • S 115-2256: A bill to amend the Internal Revenue Code of 1986 to extend expiring provisions, and for other purposes.
  • HR 115-1551: Orrin G. Hatch-Bob Goodlatte Music Modernization Act
Electric power generation and transmissionIncome tax creditsNuclear powerState and local government operations

A bill to amend the Internal Revenue Code of 1986 to modify the credit for production from advanced nuclear power facilities.

USA115th CongressS-666| Senate 
| Updated: 3/15/2017
This bill amends the Internal Revenue Code, with respect to the tax credit for the production of electricity from advanced nuclear power facilities, to: (1) establish requirements for the allocation of unutilized portions of the national megawatt capacity limitation, and (2) allow public entities to transfer the credit to project partners. If a portion of the 6,000 national megawatt capacity limitation for the credit is unutilized after December 31, 2020, the Internal Revenue Service must allocate the unutilized capacity: (1) first to facilities that were placed in service on or before December 31, 2020, and did not receive an allocation equal to their full nameplate capacity; and (2) then to facilities placed in service after December 31, 2020, in the order in which the facilities are placed in service. The placed-in-service sunset date of January 1, 2021, does not apply to the allocations of unutilized national megawatt capacity. Qualified public entities may transfer the credit to an eligible project partner. A "qualified public entity" is: (1) a federal, state, or local government or any political subdivision, agency, or instrumentality thereof; (2) a mutual or cooperative electric company; or (3) a not-for-profit electric utility which has or had received a loan or loan guarantee under the Rural Electrification Act of 1936. An "eligible project partner" includes any person who: (1) is responsible for, or is participating in, the design or construction of the facility; (2) participates in the provision of nuclear steam or nuclear fuel to the facility; or (3) has an ownership interest in the facility.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 15, 2017
Introduced in Senate
Mar 15, 2017
Read twice and referred to the Committee on Finance.
  • March 15, 2017
    Introduced in Senate


  • March 15, 2017
    Read twice and referred to the Committee on Finance.
Tim Scott

Tim Scott

Republican Senator

South Carolina

Cosponsors (3)
Lindsey Graham (Republican)Johnny Isakson (Republican)Cory A. Booker (Democratic)

Finance Committee

Taxation

Related Bills

  • HR 115-1: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.
  • S 115-2256: A bill to amend the Internal Revenue Code of 1986 to extend expiring provisions, and for other purposes.
  • HR 115-1551: Orrin G. Hatch-Bob Goodlatte Music Modernization Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Electric power generation and transmissionIncome tax creditsNuclear powerState and local government operations