Week ending June 23, 2017
H.R.1551 – To amend the Internal Revenue Code of 1986 to modify the credit for production from advanced nuclear power facilities
The bill aims ‘To amend the Internal Revenue Code of 1986 to modify the credit for production from advanced nuclear power facilities.’
The term ‘qualified public entity’ means a Federal, State, or local government entity, or any political subdivision, agency, or instrumentality thereof, a mutual or cooperative electric company, or a not-for-profit electric utility which has or had received a loan or loan guarantee under the Rural Electrification Act of 1936.
Under the bill the tax code is modified to ‘establish requirements for the allocation of unutilized portions of the national megawatt capacity limitation, and allow public entities to transfer the credit to project partners.’
The requirements are that a portion of the 6,000 national megawatt capacity limitation for the credit is unutilized after December 31, 2020. The IRS must allocate the unutilized capacity to facilities placed in service before December 31 2020 that did not receive an allocation equal to their capacity and to facilities placed in service after December 31 2020.
The qualified public entity can transfer the tax credit to “a Federal, State, or local government entity, or any political subdivision, agency, or instrumentality thereof, a mutual or cooperative electric company, or a not-for-profit electric utility which has or had received a loan or loan guarantee under the Rural Electrification Act of 1936.”
Recipients may be ‘any person who is responsible for, or is participating in, the design or construction of the facility, participates in the provision of nuclear steam or nuclear fuel to the facility, or has an ownership interest in the facility.
(Full text of H.R. 1551 at congress.gov)
Sponsor: Rep. Rice, Tom [R-SC-7] (Introduced 03/15/2017)
Status: Passed House /
VOTES and FLOOR ACTION
On Passage: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote
Motion to recommit:
Text of the motion:
COST AND IMPACT
Cost to the taxpayers: Data not available
Pay-as-you-go requirements: Data not available
Regulatory and Other Impact: Data not available
Dynamic Scoring: Data not available
Tax Complexity: Not applicable to this bill.
Earmark Certification: Data not available
Duplication of programs: Data not available
Direct Rule-Making: Data not available
Advisory Committee Statement: Data not available
Budget Authority: Data not available
Constitutional Authority: Assumed.
More Bill Information:
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