,i #aafth ,,congress #ast ,session ,h4 ,r4 #bcad ,,in ,,the ,,house ,,of ,,representatives ,april #ab1 #bjai,mr4 ,la,hood 7for himself1 ,mr4 ,kinzinger1 ,mr4 ,fitzpatrick1 ,mr4 ,rodney ,davis of ,illinois1 ,mrs4 ,bustos1 ,mr4 ,williams1 ,mr4 ,marchant1 ,mr4 ,smucker1 ,mr4 ,katko1 ,mr4 ,brown of ,maryland1 ,mr4 ,ruppersberger1 and ,mr4 ,bost7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide for an investment tax credit related to the production of electricity from nuclear energy4 #a4 ,short title ,this ,act may be cited as the ,nuclear ,powers ,america ,act of #bjai4 #b4 ,energy credit for nuclear energy property 7a7 ,in general ,section #dh7;a77#c77;,a7 of the ,internal ,revenue ,code of #aihf is amended in clause 7vi7 by striking or1 by inserting or at the end of clause 7vii71 and by adding at the end the following new clause3 7viii7 qualified nuclear energy property1 4 7b7 ,eligible for #cj-,percent credit ,section #dh7;a77#b77;,a77i7 of such ,code is amended by striking and in subclause 7,,iii7 and by adding at the end the following new subclause3 7,v7 energy property described in paragraph 7#c77;,a77viii7 but only with respect to property placed in service before ,january #a1 #bjbf1 and 4 7c7 ,qualified nuclear energy property ,section #dh7;c7 of such ,code is amended by adding at the end the following new paragraph3 7#e7 ,qualified nuclear energy property 7,a7 ,in general ,the term qualified nuclear energy property means any amounts paid or incurred for the refueling of1 and any other expenditures described in section #bfc7;a7 with respect to1 a qualifying nuclear power plant4 7,b7 ,qualifying nuclear power plant ,the term qualifying nuclear power plant means a nuclear power plant which-- 7i7 submitted an application for license renewal to the ,nuclear ,regulatory ,commission in accordance with part #ed of title #aj1 ,code of ,federal ,regulations1 before ,january #a1 #bjbf1 or 7ii7 certified to the ,secretary 7at such time and in such form and in such manner as the ,secretary prescribes7 that such plant will submit an application for license renewal to the ,nuclear ,regulatory ,commission in accordance with part #ed of title #aj1 ,code of ,federal ,regulations1 before ,january #a1 #bjbf4 7,c7 ,special rules 7i7 ,basis ,for purposes of subsection 7a71 the cumulative amounts paid or incurred by the taxpayer during the taxable year with respect to a qualifying nuclear power plant1 which are properly chargeable to capital account1 shall be treated as the basis of the qualified nuclear energy property placed in service for that taxable year4 7ii7 ,placed in service ,for purposes of subsection 7a71 qualified nuclear energy property shall be treated as having been placed in service on the last day of the taxable year in which the taxpayer pays or incurs such amounts described in clause 7i74 7iii7 ,recapture ,the ,secretary shall1 by regulations1 provide for recapturing the benefit of any credit allowable under subsection 7a7 to any qualifying nuclear power plant which made a certification pursuant to subparagraph 7,b7 but does not file an application of license renewal to the ,nuclear ,regulatory ,commission in accordance with part #ed of title #aj1 ,code of ,federal ,regulations1 before ,january #a1 #bjbf4 4 7d7 ,phaseout of #cj-,percent credit rate for nuclear energy property ,section #dh7;a7 of such ,code is amended by adding at the end the following new paragraph3 7#h7 ,phaseout for qualified nuclear energy property ,in the case of qualified nuclear energy property1 the energy percentage determined under paragraph 7#b7 shall be equal to-- 7,a7 in the case of any property placed in service after ,december #ca1 #bjbc1 and before ,january #a1 #bjbe1 #bf percent1 and 7,b7 in the case of any property placed in service after ,december #ca1 #bjbd1 and before ,january #a1 #bjbf1 #bb percent4 4 7e7 ,coordination with credit for production from advanced nuclear power facilities ,the last sentence of section #dh7;a77#c7 is amended by inserting or #de;,j after section #de4 7f7 ,transfer of credit by certain public entities 7#a7 ,in general ,section #dh of such ,code is amended by adding at the end the following new subsection3 7e7 ,special rule for qualified nuclear energy property 7#a7 ,in general ,in the case of any qualified nuclear energy property1 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 subsection 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 for operating1 maintaining1 or repairing the qualifying nuclear power plant to which the credit under subsection 7a7 relates1 7ii7 any person who participates in the provision of the nuclear steam supply system to the qualifying nuclear power plant to which the credit under subsection 7a7 relates1 7iii7 any person who participates in the provision of nuclear fuel to the qualifying nuclear power plant 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 with respect to qualified nuclear energy property 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 subsection 7e71 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#ab77;,i7 of such ,code is amended by inserting or #dh7;e77#a7 after section #de;,j7e77#a74 7g7 ,conforming amendment ,section #dh7;a77#b77;,a7 of such ,code is amended by striking and 7#g7 and inserting 1 7#g71 and 7#h74 7h7 ,effective date ,the amendments made by this section shall apply to periods after ,december #ca1 #bjah1 in taxable years ending after such date1 under rules similar to the rules of section #dh7m7 of the ,internal ,revenue ,code of #aihf 7as in effect on the day before the enactment of the ,revenue ,reconciliation ,act of #aiij74