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119-s-5641119th CongressWALLET

Opportunities for Nuclear Energy Investment Act

Sponsored By: Senator Scott, Tim [R-SC]

Introduced

Summary

Expands which places count as energy communities for higher clean electricity tax credits and creates a 10% production credit for domestic transformers. The bill targets areas tied to nuclear power activity and adds transformer production to the Advanced Manufacturing Production Credit.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Tax credit for transformer makers

If enacted, manufacturers would be able to claim a production tax credit equal to 10% of the costs to make qualifying distribution transformers and large power transformers. The bill would use the Energy Policy and Conservation Act definition for distribution transformers and a bulk-power system definition for large power transformers. The credit would apply to components produced and sold after the date that is 90 days after enactment. This would mainly benefit transformer makers and other eligible taxpayers, not households directly.

Broader areas qualify for nuclear credits

This bill would expand which metro and non-metro areas can count as energy communities for higher clean electricity tax credits by treating any area that has, or had after December 31, 2009, at least 0.17% direct employment tied to advancing nuclear power as qualifying. Direct jobs include advanced nuclear facilities, nuclear power R&D, nuclear fuel cycle work, and component manufacture; indirect and induced jobs from planning through commissioning also count. If construction of an advanced nuclear facility begins in an area that meets the rule on that date, the facility would be treated as in an energy community for the full 10-year period starting when it is first placed in service. The bill would also change how this definition applies to Section 48E and sets the effective dates as if included in the cited parts of Public Law 119-21.

Sponsors & CoSponsors

Sponsor

Scott, Tim [R-SC]

SC • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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