,,ii  #aae? ,,congress  #a/ ,session    
,s4 #fff  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #ae1 #bjag,mr4    
,scott 7= himself1 ,mr4 ,graham1 & ,mr4 
,isakson7 introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to modify ! cr$it 
= production f advanc$ nucle> p[]       
facilities4  #a4 ,modifications ( cr$it 
= production f advanc$ nucle> p[]       
facilities  7a7 ,treatm5t ( unutiliz$   
limitation am\nts ,section #de;,j7b7 ( !
 ,int]nal ,rev5ue ,code ( #aihf is      
am5d$-- 7#a7 9 p>agraph 7#d71 by ins]t+ 
or any am5dm5t to aft] enactm5t (1 &    
7#b7 by add+ at ! end ! foll[+ new      
p>agraph3  7#e7 ,allocation ( unutiliz$ 
limitation  7,a7 ,9 g5]al ,any unutiliz$
 national megawatt capacity limitation  
%all be allocat$ by ! ,secret>y "u      
p>agraph 7#c7 z rapidly z is practicable
 aft] ,decemb] #ca1 #bjbj--  7i7 fir/ to
 facilities plac$ 9 s]vice on or be=e   
su* date to ! ext5t t su* facilities did

 n receive an allocation equal to _!    
full nameplate capacity1 &  7ii7 !n to  
facilities plac$ 9 s]vice aft] su* date 
9 ! ord] 9 :i* su* facilities are plac$ 
9 s]vice4  7,b7 ,unutiliz$ national     
megawatt capacity limitation ,! t]m     
unutiliz$ national megawatt capacity    
limitation means ! excess 7if any7 (--  
7i7 #f1jjj megawatts1 ov]  7ii7 !       
aggregate am\nt ( national megawatt     
capacity limitation allocat$ by !       
,secret>y be=e ,janu>y #a1 #bjba1 r$uc$ 
by any am\nt ( su* limitation :i* 0     
allocat$ to a facility :i* 0 n plac$ 9  
s]vice be=e su* date4  7,c7 ,coord9ation
 ) o!r provisions ,9 ! case ( any       
unutiliz$ national megawatt capacity    
limitation allocat$ by ! ,secret>y      
pursuant to ?is p>agraph--  7i7 su*     
allocation %all be treat$ = purposes (  
?is section 9 ! same mann] z an         
allocation ( national megawatt capacity 
limitation1 &  7ii7 subsection          
7d77#a77;,b7 %all n apply to any        
facility :i* receives su* allocation4  4

  7b7 ,transf] ( cr$it by c]ta9 public  
entities  7#a7 ,9 g5]al ,section #de;,j 
( su* ,code is am5d$--  7,a7 by         
r$esignat+ subsection 7e7 z subsection  
7f71 &  7,b7 by ins]t+ aft] subsection  
7d7 ! foll[+ new subsection3  7e7       
,transf] ( cr$it by c]ta9 public        
entities  7#a7 ,9 g5]al ,if1 ) respect  
to a cr$it "u subsection 7a7 = any      
taxable ye>-- 7,a7 ! taxpay] w\ld be a  
qualifi$ public entity1 &  7,b7 su*     
entity elects ! application ( ?is       
p>agraph = su* taxable ye> ) respect to 
all 7or any portion specifi$ 9 su*      
election7 ( su* cr$it1  ! eligible      
project p>tn] specifi$ 9 su* election 7&
 n ! qualifi$ public entity7 %all be    
treat$ z ! taxpay] = purposes ( ?is     
title ) respect to su* cr$it 7or su*    
portion !re(74  7#b7 ,def9itions ,=     
purposes ( ?is subsection-- 7,a7        
,qualifi$ public entity ,! t]m qualifi$ 
public entity means--  7i7 a ,f$]al1    
,/ate1 or local gov]nm5t entity1 or any 
political subdivision1 ag5cy1 or        

in/rum5tality !re(1  7ii7 a mutual or   
coop]ative electric company describ$ 9  
section #eja7;c77#ab7 or section        
#acha7;a77#b71 or  7iii7 a n-=-pr(it    
electric utility :i* has or _h receiv$ a
 loan or loan gu>antee "u ! ,rural      
,electrification ,act ( #aicf4  7,b7    
,eligible project p>tn] ,! t]m eligible 
project p>tn] means-- 7i7 any p]son     
responsible =1 or p>ticipat+ 91 ! design
 or con/ruction ( ! advanc$ nucle> p[]  
facility to :i* ! cr$it "u subsection   
7a7 relates1  7ii7 any p]son :o         
p>ticipates 9 ! provision ( ! nucle>    
/eam supply sy/em to ! advanc$ nucle>   
p[] facility to :i* ! cr$it "u          
subsection 7a7 relates1  7iii7 any p]son
 :o p>ticipates 9 ! provision ( nucle>  
fuel to ! advanc$ nucle> p[] facility to
 :i* ! cr$it "u subsection 7a7 relates1 
or  7iv7 any p]son :o has an own]%ip    
int]e/ 9 su* facility4  7#c7 ,special   
rules  7,a7 ,application to p>tn]%ips ,9
 ! case ( a cr$it "u subsection 7a7 :i* 
is det]m9$ at ! p>tn]%ip level--  7i7 = 

purposes ( p>agraph 7#a77;,a71 a        
qualifi$ public entity %all be treat$ z 
! taxpay] ) respect to su* entity's     
di/ributive %>e ( su* cr$it1 &  7ii7 !  
t]m eligible project p>tn] %all include 
any p>tn] ( ! p>tn]%ip4  7,b7 ,taxable  
ye> 9 :i* cr$it tak5 into acc\nt ,9 !   
case ( any cr$it 7or portion !re(7 )    
respect to :i* an election is made "u   
p>agraph 7#a71 su* cr$it %all be tak5   
into acc\nt 9 ! fir/ taxable ye> ( !    
eligible project p>tn] end+ )1 or aft]1 
! qualifi$ public entity's taxable ye> )
 respect to :i* ! cr$it 0 det]m9$4  7,c7
 ,treatm5t ( transf] "u private use     
rules ,= purposes ( section             
#ada7;b77#a71 any b5efit d]iv$ by an    
eligible project p>tn] 9 connection ) an
 election "u ?is subsection %all n be   
tak5 into acc\nt z a private bus9ess    
use4  4  7#b7 ,special rule = proce$s ( 
transf]s = mutual or coop]ative electric
 companies ,section #eja7;c77#ab7 ( su* 
,code is am5d$ by add+ at ! end ! foll[+
 new subp>agraph3  7,i7 ,9 ! case ( a   

mutual or coop]ative electric company   
describ$ 9 ?is p>agraph or an           
organization describ$ 9 section         
#acha7;a77#b71 income receiv$ or accru$ 
9 connection ) an election "u section   
#de;,j7e77#a7 %all be treat$ z an am\nt 
collect$ f memb]s = ! sole purpose (    
meet+ losses & exp5ses4  4  7c7         
,effective dates  7#a7 ,treatm5t (      
unutiliz$ limitation am\nts ,! am5dm5t  
made by subsection 7a7 %all take effect 
on ! date ( ! enactm5t ( ?is ,act4  7#b7
 ,transf] ( cr$it by c]ta9 public       
entities ,! am5dm5ts made by subsection 
7b7 %all apply to taxable ye>s beg9n+   
aft] ,decemb] #ca1 #bjag4