,,ii #aaeth ,,congress #ast ,session ,s4 #fff ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ae1 #bjag,mr4 ,scott 7for himself1 ,mr4 ,graham1 and ,mr4 ,isakson7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to modify the credit for production from advanced nuclear power facilities4 #a4 ,modifications of credit for production from advanced nuclear power facilities 7a7 ,treatment of unutilized limitation amounts ,section #de;,j7b7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in paragraph 7#d71 by inserting or any amendment to after enactment of1 and 7#b7 by adding at the end the following new paragraph3 7#e7 ,allocation of unutilized limitation 7,a7 ,in general ,any unutilized national megawatt capacity limitation shall be allocated by the ,secretary under paragraph 7#c7 as rapidly as is practicable after ,december #ca1 #bjbj-- 7i7 first to facilities placed in service on or before such date to the extent that such facilities did not receive an allocation equal to their full nameplate capacity1 and 7ii7 then to facilities placed in service after such date in the order in which such facilities are placed in service4 7,b7 ,unutilized national megawatt capacity limitation ,the term unutilized national megawatt capacity limitation means the excess 7if any7 of-- 7i7 #f1jjj megawatts1 over 7ii7 the aggregate amount of national megawatt capacity limitation allocated by the ,secretary before ,january #a1 #bjba1 reduced by any amount of such limitation which was allocated to a facility which was not placed in service before such date4 7,c7 ,coordination with other provisions ,in the case of any unutilized national megawatt capacity limitation allocated by the ,secretary pursuant to this paragraph-- 7i7 such allocation shall be treated for purposes of this section in the same manner as an allocation of national megawatt capacity limitation1 and 7ii7 subsection 7d77#a77;,b7 shall not apply to any facility which receives such allocation4 4 7b7 ,transfer of credit by certain public entities 7#a7 ,in general ,section #de;,j of such ,code is amended-- 7,a7 by redesignating subsection 7e7 as subsection 7f71 and 7,b7 by inserting after subsection 7d7 the following new subsection3 7e7 ,transfer of credit by certain public entities 7#a7 ,in general ,if1 with respect to a credit under subsection 7a7 for any taxable year-- 7,a7 the taxpayer would be a qualified public entity1 and 7,b7 such entity elects the application of this paragraph for such taxable year with respect to all 7or any portion specified in such election7 of such credit1 the eligible project partner specified in such election 7and not the qualified public entity7 shall be treated as the taxpayer for purposes of this title with respect to such credit 7or such portion thereof74 7#b7 ,definitions ,for purposes of this subsection-- 7,a7 ,qualified public entity ,the term qualified public entity means-- 7i7 a ,federal1 ,state1 or local government entity1 or any political subdivision1 agency1 or instrumentality thereof1 7ii7 a mutual or cooperative electric company described in section #eja7;c77#ab7 or section #acha7;a77#b71 or 7iii7 a not-for-profit electric utility which has or had received a loan or loan guarantee under the ,rural ,electrification ,act of #aicf4 7,b7 ,eligible project partner ,the term eligible project partner means-- 7i7 any person responsible for1 or participating in1 the design or construction of the advanced nuclear power facility to which the credit under subsection 7a7 relates1 7ii7 any person who participates in the provision of the nuclear steam supply system to the advanced nuclear power facility to which the credit under subsection 7a7 relates1 7iii7 any person who participates in the provision of nuclear fuel to the advanced nuclear power facility to which the credit under subsection 7a7 relates1 or 7iv7 any person who has an ownership interest in such facility4 7#c7 ,special rules 7,a7 ,application to partnerships ,in the case of a credit under subsection 7a7 which is determined at the partnership level-- 7i7 for purposes of paragraph 7#a77;,a71 a qualified public entity shall be treated as the taxpayer with respect to such entity's distributive share of such credit1 and 7ii7 the term eligible project partner shall include any partner of the partnership4 7,b7 ,taxable year in which credit taken into account ,in the case of any credit 7or portion thereof7 with respect to which an election is made under paragraph 7#a71 such credit shall be taken into account in the first taxable year of the eligible project partner ending with1 or after1 the qualified public entity's taxable year with respect to which the credit was determined4 7,c7 ,treatment of transfer under private use rules ,for purposes of section #ada7;b77#a71 any benefit derived by an eligible project partner in connection with an election under this subsection shall not be taken into account as a private business use4 4 7#b7 ,special rule for proceeds of transfers for mutual or cooperative electric companies ,section #eja7;c77#ab7 of such ,code is amended by adding at the end the following new subparagraph3 7,i7 ,in the case of a mutual or cooperative electric company described in this paragraph or an organization described in section #acha7;a77#b71 income received or accrued in connection with an election under section #de;,j7e77#a7 shall be treated as an amount collected from members for the sole purpose of meeting losses and expenses4 4 7c7 ,effective dates 7#a7 ,treatment of unutilized limitation amounts ,the amendment made by subsection 7a7 shall take effect on the date of the enactment of this ,act4 7#b7 ,transfer of credit by certain public entities ,the amendments made by subsection 7b7 shall apply to taxable years beginning after ,december #ca1 #bjag4