,,ii  #aafth ,,congress  #ast ,session  
,s4 #cajg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ai1 
#bjai,mr4 ,heinrich 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 establish a  
tax credit for installation of          
regionally significant electric power   
transmission lines4  #a4 ,short title   
,this ,act may be cited as the ,electric
 ,power ,infrastructure ,improvement    
,act4  #b4 ,establishment of electric   
power transmission lines  7a7 ,in       
general ,subpart ,e of part ,,iv of     
subchapter ,a of chapter #a of the      
,internal ,revenue ,code of #aihf is    
amended by inserting after section      
#dh;,c the following new section3       
#dh;,d4 ,qualifying electric power      
transmission line credit  7a7 ,allowance
 of credit  7#a7 ,in general ,for       
purposes of section #df1 the qualifying 
electric power transmission line credit 

for any taxable year is an amount equal 
to the applicable percentage of the     
qualified investment for such taxable   
year with respect to any qualifying     
electric power transmission line        
property of the taxpayer4  7#b7         
,applicable percentage ,for purposes of 
paragraph 7#a71 the applicable          
percentage shall be equal to-- 7,a7 in  
the case of any qualifying electric     
power transmission line property        
relating to an overhead transmission    
facility1 #ae percent1 and  7,b7 in the 
case of any qualifying electric power   
transmission line property relating to  
an underground or submarine transmission
 facility1 #be percent4  7b7 ,qualifying
 investment  7#a7 ,in general ,for      
purposes of subsection 7a71 the         
qualified investment for any taxable    
year is the basis of any qualifying     
electric power transmission line        
property placed in service by the       
taxpayer during such taxable year4  7#b7
 ,certain qualified progress            

expenditures rules made applicable      
,rules similar to the rules of          
subsections 7c77#d7 and 7d7 of section  
#df 7as in effect on the day before the 
enactment of the ,revenue               
,reconciliation ,act of #aiij7 shall    
apply for purposes of this section4  7c7
 ,qualifying electric power transmission
 line property ,the term qualifying     
electric power transmission line        
property means-- 7#a7 any overhead1     
submarine1 or underground transmission  
facility which--  7,a7 is capable of    
transmitting electricity at a voltage of
 not less than #cde kilovolts1  7,b7 has
 a transmission capacity of not less    
than #a1jjj megawatts1  7,c7 is an      
alternating current or direct current   
transmission line1 and  7,d7 delivers   
power produced in either a rural area or
 offshore1 and  7#b7 any conductors or  
cables1 towers1 insulators1 reactors1   
capacitors1 circuit breakers1 static    
,,var compensators1 static synchronous  
compensators1 power converters1         

transformers1 synchronous condensers1   
braking resistors1 and any ancillary    
facilities and equipment necessary for  
the proper operation of the facility    
described in paragraph 7#a74  7d7       
,termination ,this section shall not    
apply to any property placed in service 
after ,december #ca1 #bjbi4  4  7b7     
,conforming amendments  7#a7 ,section   
#df of the ,internal ,revenue ,code of  
#aihf is amended--  7,a7 by striking and
 at the end of paragraph 7#e71  7,b7 by 
striking the period at the end of       
paragraph 7#f7 and inserting 1 and1 and 
7,c7 by adding at the end the following 
new paragraph3  7#g7 the qualifying     
electric power transmission line credit4
  4  7#b7 ,section #di7;a77#a77;,c7 of  
such ,code is amended--  7,a7 by        
striking and at the end of clause 7iv71 
7,b7 by striking the period at the end  
of clause 7v7 and inserting 1 and1 and  
7,c7 by adding at the end the following 
new clause3  7vi7 the basis of any      
qualifying electric power transmission  

line property under section #dh;,d4  4  
7#c7 ,the table of sections for subpart 
,e of part ,,iv of subchapter ,a of     
chapter #a of such ,code is amended by  
inserting after the item relating to    
section #dh;,c the following new item3  
,sec4 #dh;,d4 ,qualifying electric power
 transmission line credit4  4  7c7      
,effective date ,the amendments made by 
this section shall apply to property    
placed in service after ,december #ca1  
#bjai4