,,ii #aahth ,,congress #ast ,session ,s4 #agic ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #a1 #bjbc ,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 ,grid ,resiliency ,tax ,credit4 #b4 ,findings ,congress finds the following3 7#a7 ,a robust electric power transmission system is critical to the economic1 energy1 and national security of the ,united ,states4 7#b7 ,the electric grid faces challenges from aging infrastructure and a need for increased electric power transmission capacity4 7#c7 ,the ,united ,states faces a pressing need to expand electric power transmission4 7#d7 ,electric power transmission investments will-- 7,a7 improve resilience by enabling access to diverse generation resources across the country2 7,b7 promote economic benefits and create new jobs in communities across the country2 and 7,c7 enhance electric grid reliability4 #c4 ,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;,e the following new section3 #dh;,f4 ,qualifying electric power transmission line credit 7a7 ,allowance of credit ,for purposes of section #df1 the qualifying electric power transmission line credit for any taxable year is an amount equal to #cj percent of the qualified investment for such taxable year with respect to any qualifying electric power transmission line property of the taxpayer4 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 ,for purposes of this section1 the term qualifying electric power transmission line property means any overhead1 submarine1 or underground property-- 7#a7 which is a qualifying electric power transmission line that transmits electricity-- 7,a7 across not less than #b ,states or not less than #aej continuous miles1 or 7,b7 across the ,outer ,continental ,shelf 7as defined in section #b of the ,outer ,continental ,lands ,act 7#dc ,u4,s4,c4 #acca771 or 7#b7 which is related transmission property4 7d7 ,qualifying electric power transmission line ,for purposes of this section-- 7#a7 ,in general ,the term qualifying electric power transmission line means any of the following3 7,a7 ,new transmission property 7i7 ,in general ,any electric power transmission line which is-- 7,i7 originally placed in service after the date of enactment of this section1 7,,ii7 primarily used for one or more purposes described in clause 7ii71 and 7,,iii7 described in clause 7iv74 7ii7 ,purposes described ,the purposes described in this clause are-- 7,i7 enhancing resilience to prepare for1 withstand1 and recover rapidly from disruptions from the impact of weather events1 wildfires1 or natural disasters1 7,,ii7 addressing clearance concerns1 7,,iii7 facilitating the interconnection of electric generation capacity to the bulk-power system 7as defined in section #bae of the ,federal ,power ,act71 or 7,,iv7 addressing high load needs of #b1jjj ampere and above4 7iii7 ,multiple transmission lines located in the same right-of-way ,a transmission line is described in this clause if such a transmission line-- 7,i7 is co-located in the same right-of-way or adjacent right-of-way as one or more other overhead1 submarine1 or underground transmission lines1 and 7,,ii7 together with the other transmission lines described in subclause 7,i71 has a transmission capacity of not less than #a1jjj megawatts4 7iv7 ,additional requirements for new transmission property ,an electric power transmission line is described in this clause if-- 7,i7 such transmission line-- 7aa7 includes an advanced transmission conductor1 and 7bb7 is capable of transmitting electricity at a voltage of not less than #ajj kilovolts1 or 7,,ii7 such transmission line-- 7aa7 is-- 7,,aa7 capable of transmitting electricity at a voltage of not less than #cde kilovolts1 or 7,,bb7 a superconducting transmission line1 and 7bb7 has a transmission capacity of not less than #gej megawatts or is a transmission line described in clause 7iii74 7,b7 ,modification of existing transmission property ,any electric power transmission line which-- 7i7 was placed in service before the date of the enactment of this section1 7ii7 is modified after the date of the enactment of this ,act in a manner that increases the transmission capacity of such transmission line by not less than #ejj megawatts1 and 7iii7 after the completion of such modification1 is an electric power transmission line which satisfies the requirements under subclauses 7,,ii7 and 7,,iii7 of subparagraph 7,a77i74 7#b7 ,advanced transmission conductor ,the term advanced transmission conductor means a transmission conductor technology that uses recently developed technology or materials such as a composite core and such other future advances as determined by the ,secretary1 in consultation with the ,secretary of ,energy4 7#c7 ,superconducting transmission line ,the term superconducting transmission line means a transmission line that conducts all of its current over a super-conducting material4 7e7 ,related transmission property ,for purposes of this section-- 7#a7 ,in general ,the term related transmission property means any of the following3 7,a7 ,transmission property used for interconnection or generator tie-line ,any electric power transmission line which is-- 7i7 placed in service after the date of enactment of this section1 7ii7 primarily used-- 7,i7 as a generator interconnection tie line at an associated facility that extends from the secondary 7high7 side of a generator step-up transformer to the point of interconnection with the host transmission owner from interconnecting new generation resources or facilities to the electric grid1 or 7,,ii7 for network upgrades associated with the interconnection of new generation resources or facilities to the electric grid1 7iii7 primarily used for one or more purposes described in subparagraph 7d77#a77;,a77ii71 and 7iv7 capable of transmitting electricity at a voltage of not less than #bcj kilovolts4 7,b7 ,grid enhancing technology ,any grid enhancing technology property used in the operation of the electric power transmission line described in subparagraph 7,a7 or 7,b7 of subsection 7d77#a74 7,c7 ,subcomponents ,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 electric transmission line described in subparagraph 7,a7 or 7,b7 of subsection 7d77#a7 or for the proper operation of any property described in subsection 7#a77;,a74 7#b7 ,grid enhancing technology property ,the term grid enhancing technology property means power flow controls and transmission switching equipment1 storage technology1 and hardware or software that enables dynamic line ratings1 advanced line rating management technologies1 on new or existing transmission property for the purpose of enhancing the capacity1 efficiency1 resiliency1 or reliability of an electric power transmission system and such other similar property determined by the ,secretary1 in consultation with the ,secretary of ,energy4 7f7 ,termination ,this section shall not apply to any property the construction of which begins after ,december #ca1 #bjcc4 4 7b7 ,public utility property ,paragraph 7#b7 of section #ej7;d7 of the ,internal ,revenue ,code is amended-- 7#a7 by striking 7as defined in section #dh7;c77#f77 and inserting 7as defined in section #dh7;c77#f71 except that subparagraph 7,d7 of such section shall not apply7 or any qualifying electric power transmission line property 7as defined by section #dh;,f7c771 and 7#b7 in subparagraph 7,b7-- 7,a7 by inserting or qualifying electric transmission line property after each energy storage technology1 and 7,b7 by inserting or the qualifying electric transmission line property after the energy storage technology4 7c7 ,transfer of certain credits ,section #fdah7;f77#a77;,a7 of the ,internal ,revenue ,code of #aihf is amended by adding the following new clause3 7xii7 ,the qualifying electric power transmission line credit under section #dh;,f4 4 7d7 ,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#f71 7,b7 by striking the period at the end of paragraph 7#g7 and inserting 1 and1 and 7,c7 by adding at the end the following new paragraph3 7#h7 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 7vii71 7,b7 by striking the period at the end of clause 7viii7 and inserting 1 and1 and 7,c7 by adding at the end the following new clause3 7ix7 the basis of any qualifying electric power transmission line property under section #dh;,f4 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;,e the following new item3 ,sec4 #dh;,f4 ,qualifying electric power transmission line credit4 4 7e7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjbc4