,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #cajg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ai1 #bjai,mr4
 ,he9ri* introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to e/abli% a tax  
cr$it = in/allation ( regionally        
significant electric p[] transmission   
l9es4  #a4 ,%ort title ,?is ,act may be 
cit$ z ! ,electric ,p[] ,infra/ructure  
,improvem5t ,act4  #b4 ,e/abli%m5t (    
electric p[] transmission l9es  7a7 ,9  
g5]al ,subp>t ,e ( "p ,,iv ( sub*apt] ,a
 ( *apt] #a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ aft] section  
#dh;,c ! foll[+ new section3  #dh;,d4   
,qualify+ electric p[] transmission l9e 
cr$it  7a7 ,all[ance ( cr$it  7#a7 ,9   
g5]al ,= purposes ( section #df1 !      
qualify+ electric p[] transmission l9e  
cr$it = any taxable ye> is an am\nt     
equal to ! applicable p]c5tage ( !      
qualifi$ inve/m5t = su* taxable ye> )   
respect to any qualify+ electric p[]    

transmission l9e prop]ty ( ! taxpay]4   
7#b7 ,applicable p]c5tage ,= purposes ( 
p>agraph 7#a71 ! applicable p]c5tage    
%all be equal to-- 7,a7 9 ! case ( any  
qualify+ electric p[] transmission l9e  
prop]ty relat+ to an ov]head            
transmission facility1 #ae p]c5t1 &     
7,b7 9 ! case ( any qualify+ electric   
p[] transmission l9e prop]ty relat+ to  
an und]gr\nd or subm>9e transmission    
facility1 #be p]c5t4  7b7 ,qualify+     
inve/m5t  7#a7 ,9 g5]al ,= purposes (   
subsection 7a71 ! qualifi$ inve/m5t =   
any taxable ye> is ! basis ( any        
qualify+ electric p[] transmission l9e  
prop]ty plac$ 9 s]vice by ! taxpay] dur+
 su* taxable ye>4  7#b7 ,c]ta9 qualifi$ 
progress exp5ditures rules made         
applicable ,rules simil> to ! rules (   
subsections 7c77#d7 & 7d7 ( section #df 
7z 9 effect on ! day be=e ! enactm5t ( !
 ,rev5ue ,reconciliation ,act ( #aiij7  
%all apply = purposes ( ?is section4    
7c7 ,qualify+ electric p[] transmission 
l9e prop]ty ,! t]m qualify+ electric p[]

 transmission l9e prop]ty means-- 7#a7  
any ov]head1 subm>9e1 or und]gr\nd      
transmission facility :i*--  7,a7 is    
capable ( transmitt+ electricity at a   
voltage ( n less ?an #cde kilovolts1    
7,b7 has a transmission capacity ( n    
less ?an #a1jjj megawatts1  7,c7 is an  
alt]nat+ curr5t or direct curr5t        
transmission l9e1 &  7,d7 deliv]s p[]   
produc$ 9 ei!r a rural area or (f%ore1 &
  7#b7 any conductors or cables1 t[]s1  
insulators1 reactors1 capacitors1       
circuit break]s1 /atic ,,v> comp5sators1
 /atic syn*ron\s comp5sators1 p[]       
conv]t]s1 trans=m]s1 syn*ron\s cond5s]s1
 brak+ resi/ors1 & any ancill>y         
facilities & equipm5t necess>y = ! prop]
 op]ation ( ! facility describ$ 9       
p>agraph 7#a74  7d7 ,t]m9ation ,?is     
section %all n apply to any prop]ty     
plac$ 9 s]vice aft] ,decemb] #ca1 #bjbi4
  4  7b7 ,con=m+ am5dm5ts  7#a7 ,section
 #df ( ! ,int]nal ,rev5ue ,code ( #aihf 
is am5d$--  7,a7 by /rik+ & at ! end (  
p>agraph 7#e71  7,b7 by /rik+ ! p]iod at

 ! end ( p>agraph 7#f7 & ins]t+ 1 &1 &  
7,c7 by add+ at ! end ! foll[+ new      
p>agraph3  7#g7 ! qualify+ electric p[] 
transmission l9e cr$it4  4  7#b7        
,section #di7;a77#a77;,c7 ( su* ,code is
 am5d$--  7,a7 by /rik+ & at ! end (    
clause 7iv71  7,b7 by /rik+ ! p]iod at !
 end ( clause 7v7 & ins]t+ 1 &1 &  7,c7 
by add+ at ! end ! foll[+ new clause3   
7vi7 ! basis ( any qualify+ electric p[]
 transmission l9e prop]ty "u section    
#dh;,d4  4  7#c7 ,! table ( sections =  
subp>t ,e ( "p ,,iv ( sub*apt] ,a (     
*apt] #a ( su* ,code is am5d$ by ins]t+ 
aft] ! item relat+ to section #dh;,c !  
foll[+ new item3  ,sec4 #dh;,d4         
,qualify+ electric p[] transmission l9e 
cr$it4  4  7c7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to prop]ty plac$ 9 s]vice aft] ,decemb] 
#ca1 #bjai4