,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #aacd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #aj1 #bjai,mr4  
,cram] 7= himself & ,mr4 ,c>d97         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide = an   
inve/m5t tax cr$it relat$ to !          
production ( electricity f nucle> en]gy4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,nucle> ,p[]s ,am]ica ,act ( #bjai4 
#b4 ,en]gy cr$it = nucle> en]gy prop]ty 
7a7 ,9 g5]al ,section #dh7;a77#c77;,a7 (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ 9 clause 7vi7 by /rik+ or1 by     
ins]t+ or at ! end ( clause 7vii71 & by 
add+ at ! end ! foll[+ new clause3      
7viii7 qualifi$ nucle> en]gy prop]ty1  4
  7b7 ,eligible = #cj-,p]c5t cr$it      
,section #dh7;a77#b77;,a77i7 ( su* ,code
 is am5d$ by /rik+ & 9 subclause 7,,iii7
 & by add+ at ! end ! foll[+ new        
subclause3  7,v7 en]gy prop]ty describ$ 
9 p>agraph 7#c77;,a77viii7 b only )     

respect to prop]ty plac$ 9 s]vice be=e  
,janu>y #a1 #bjbf1 &  4  7c7 ,qualifi$  
nucle> en]gy prop]ty ,section #dh7;c7 ( 
su* ,code is am5d$ by add+ at ! end !   
foll[+ new p>agraph3  7#e7 ,qualifi$    
nucle> en]gy prop]ty  7,a7 ,9 g5]al ,!  
t]m qualifi$ nucle> en]gy prop]ty means 
any am\nts paid or incurr$ = ! refuel+  
(1 & any o!r exp5ditures describ$ 9     
section #bfc7;a7 ) respect to1 a        
qualify+ nucle> p[] plant4  7,b7        
,qualify+ nucle> p[] plant ,! t]m       
qualify+ nucle> p[] plant means a nucle>
 p[] plant :i*-- 7i7 submitt$ an        
application = lic5se r5ewal to ! ,nucle>
 ,regulatory ,commission 9 accordance ) 
"p #ed ( title #aj1 ,code ( ,f$]al      
,regulations1 be=e ,janu>y #a1 #bjbf1 or
  7ii7 c]tifi$ to ! ,secret>y 7at su* "t
 & 9 su* =m & 9 su* mann] z ! ,secret>y 
prescribes7 t su* plant w submit an     
application = lic5se r5ewal to ! ,nucle>
 ,regulatory ,commission 9 accordance ) 
"p #ed ( title #aj1 ,code ( ,f$]al      
,regulations1 be=e ,janu>y #a1 #bjbf4   

7,c7 ,special rules  7i7 ,basis ,=      
purposes ( subsection 7a71 ! cumulative 
am\nts paid or incurr$ by ! taxpay] dur+
 ! taxable ye> ) respect to a qualify+  
nucle> p[] plant1 :i* are prop]ly       
*>geable to capital acc\nt1 %all be     
treat$ z ! basis ( ! qualifi$ nucle>    
en]gy prop]ty plac$ 9 s]vice = t taxable
 ye>4  7ii7 ,plac$ 9 s]vice ,= purposes 
( subsection 7a71 qualifi$ nucle> en]gy 
prop]ty %all be treat$ z hav+ be5 plac$ 
9 s]vice on ! la/ day ( ! taxable ye> 9 
:i* ! taxpay] pays or incurs su* am\nts 
describ$ 9 clause 7i74  7iii7 ,recapture
 ,! ,secret>y %all1 by regulations1     
provide = recaptur+ ! b5efit ( any cr$it
 all[able "u subsection 7a7 to any      
qualify+ nucle> p[] plant :i* made a    
c]tification pursuant to subp>agraph    
7,b7 b does n file an application (     
lic5se r5ewal to ! ,nucle> ,regulatory  
,commission 9 accordance ) "p #ed (     
title #aj1 ,code ( ,f$]al ,regulations1 
be=e ,janu>y #a1 #bjbf4  4  7d7 ,phase\t
 ( #cj-,p]c5t cr$it rate = nucle> en]gy 

prop]ty ,section #dh7;a7 ( su* ,code is 
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#h7 ,phase\t = qualifi$     
nucle> en]gy prop]ty ,9 ! case (        
qualifi$ nucle> en]gy prop]ty1 ! en]gy  
p]c5tage det]m9$ "u p>agraph 7#b7 %all  
be equal to--  7,a7 9 ! case ( any      
prop]ty plac$ 9 s]vice aft] ,decemb]    
#ca1 #bjbc1 & be=e ,janu>y #a1 #bjbe1   
#bf p]c5t1 &  7,b7 9 ! case ( any       
prop]ty plac$ 9 s]vice aft] ,decemb]    
#ca1 #bjbd1 & be=e ,janu>y #a1 #bjbf1   
#bb p]c5t4  4  7e7 ,coord9ation ) cr$it 
= production f advanc$ nucle> p[]       
facilities ,! la/ s5t5ce ( section      
#dh7;a77#c7 is am5d$ by ins]t+ or #de;,j
 aft] section #de4  7f7 ,transf] ( cr$it
 by c]ta9 public entities  7#a7 ,9 g5]al
 ,section #dh ( su* ,code is am5d$ by   
add+ at ! end ! foll[+ new subsection3  
7e7 ,special rule = qualifi$ nucle>     
en]gy prop]ty  7#a7 ,9 g5]al ,9 ! case (
 any qualifi$ nucle> en]gy prop]ty1 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      
subsection = 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 = op]at+1 ma9ta9+1 or       

repair+ ! qualify+ nucle> p[] plant to  
:i* ! cr$it "u subsection 7a7 relates1  
7ii7 any p]son :o p>ticipates 9 !       
provision ( ! nucle> /eam supply sy/em  
to ! qualify+ nucle> p[] plant to :i* ! 
cr$it "u subsection 7a7 relates1  7iii7 
any p]son :o p>ticipates 9 ! provision (
 nucle> fuel to ! qualify+ nucle> p[]   
plant 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$ ) respect 
to qualifi$ nucle> en]gy prop]ty 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 subsection 7e71 

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$s ( transf]s = mutual or  
coop]ative electric companies ,section  
#eja7;c77#ab77;,i7 ( su* ,code is am5d$ 
by ins]t+ or #dh7;e77#a7 aft] section   
#de;,j7e77#a74  7g7 ,con=m+ am5dm5t     
,section #dh7;a77#b77;,a7 ( su* ,code is
 am5d$ by /rik+ & 7#g7 & ins]t+ 1 7#g71 
& 7#h74  7h7 ,effective date ,! am5dm5ts
 made by ?is section %all apply to      
p]iods aft] ,decemb] #ca1 #bjah1 9      
taxable ye>s end+ aft] su* date1 "u     
rules simil> to ! rules ( section #dh7m7
 ( ! ,int]nal ,rev5ue ,code ( #aihf 7z 9
 effect on ! day be=e ! enactm5t ( !    

,rev5ue ,reconciliation ,act ( #aiij74