,,ii  #aai? ,,congress  #b;d ,session   
,s4 #edec  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bb1         
#bjbf,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 ! ,grid ,resili5cy  
,tax ,cr$it ,act4  #b4 ,f9d+s ,congress 
f9ds ! foll[+3 7#a7 ,a robu/ electric   
p[] transmission sy/em is critical to ! 
economic1 en]gy1 & national security ( !
 ,unit$ ,/ates4  7#b7 ,! electric grid  
faces *all5ges f ag+ infra/ructure & a  
ne$ = increas$ electric p[] transmission
 capacity4  7#c7 ,! ,unit$ ,/ates faces 
a press+ ne$ to exp& electric p[]       
transmission4  7#d7 ,f9ancial support = 
electric grid transmission build\t      
provides protection f electric rate     
increases t w\ld o!rwise apply to       
,am]ican consum]s4  7#e7 ,electric p[]  

transmission inve/m5ts w-- 7,a7 improve 
resili5ce & l[] co/s by enabl+ access to
 div]se g5]ation res\rces across !      
c\ntry2  7,b7 increase ! electric grid's
 ability to wea!r /orms & wildfire by   
enabl+ access to f9ancial support = grid
 resili5ce measures2  7,c7 promote      
economic b5efits & create new jobs 9    
communities across ! c\ntry2 &  7,d7    
enhance electric grid reliability4  #c4 
,e/abli%m5t ( electric p[] transmission 
l9e cr$it  7a7 ,9 g5]al ,subp>t ,e ( "p 
,,iv ( sub*apt] ,a ( *apt] #a ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] section #dh;,e ! foll[+  
new section3  #dh;,f4 ,qualifi$ electric
 p[] transmission l9e cr$it  7a7        
,all[ance ( cr$it ,= purposes ( section 
#df1 ! qualifi$ electric p[]            
transmission l9e cr$it = any taxable ye>
 is an am\nt equal to #cj p]c5t ( !     
qualifi$ inve/m5t = su* taxable ye> )   
respect to any qualifi$ electric p[]    
transmission l9e ( ! taxpay]4  7b7      
,qualifi$ inve/m5t  7#a7 ,9 g5]al ,=    

purposes ( subsection 7a71 ! qualifi$   
inve/m5t ) respect to any qualifi$      
electric p[] transmission l9e = any     
taxable ye> is ! sum (-- 7,a7 ! basis ( 
any qualifi$ prop]ty plac$ 9 s]vice by !
 taxpay] dur+ su* taxable ye> :i* is "p 
( a qualifi$ electric p[] transmission  
l9e1 plus  7,b7 ! am\nt ( any           
exp5ditures :i* are paid or incurr$ by !
 taxpay] = ! con/ruction1 recon/ruction1
 erection1 or modification ( qualifi$   
sub/ation prop]ty 9 connection ) a      
qualifi$ electric p[] transmission l9e (
 ! taxpay]4  7#b7 ,qualifi$ prop]ty     
7,a7 ,9 g5]al ,= purposes ( ?is         
subsection1 ! t]m qualifi$ prop]ty means
 prop]ty-- 7i7 :i* is-- 7,i7 tangible   
p]sonal prop]ty1 or  7,,ii7 o!r tangible
 prop]ty 7n includ+ a build+ or its     
/ructural compon5ts71 b only if su*     
prop]ty is us$ z an integral "p ( !     
qualifi$ electric p[] transmission l9e1 
7ii7 ) respect to :i* depreciation 7or  
amortization 9 lieu ( depreciation7 is  
all[able1 &  7iii7 7,i7 ! con/ruction1  

recon/ruction1 or erection ( :i* is     
complet$ by ! taxpay]1 or  7,,ii7 :i* is
 acquir$ by ! taxpay] if ! orig9al use (
 su* prop]ty comm5ces ) ! taxpay]4  7,b7
 ,includ$ prop]ty ,= purposes ( ?is     
subsection1 ! t]m qualifi$ prop]ty %all 
include-- 7i7 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 o!r prop]ty :i*  
is "p ( a sub/ation1 conv]t] /ation1 or 
swit*y>d1 &  7ii7 any prop]ty :i*       
increases ! capacity1 effici5cy1        
reliability1 resili5ce1 or safety ( a   
qualifi$ electric p[] transmission l9e4 
7#c7 ,qualifi$ sub/ation prop]ty ,=     
purposes ( ?is subsection1 ! t]m        
qualifi$ sub/ation prop]ty means1 )     
respect to a qualifi$ electric p[]      
transmission l9e1 any tangible prop]ty  
:i*-- 7,a7 is "p ( an addition1         
improvem5t1 or upgrade at ! po9t (      
connection 7includ+ at a sub/ation7 to a

 transmission or di/ribution sy/em :i*  
is requir$ to connect su* l9e to su*    
transmission or di/ribution sy/em1 &    
7,b7 is n describ$ 9 p>agraph 7#a77;,a74
  7#d7 ,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         
,qualifi$ electric p[] transmission l9e 
7#a7 ,9 g5]al ,= purposes ( ?is section1
 ! t]m qualifi$ electric p[]            
transmission l9e means a l9e us$ = !    
transmission ( electric en]gy :i* is--  
7,a7 a qualifi$ significant transmission
 l9e or a qualifi$ g5]ator tie l9e1 &   
7,b7 ei!r-- 7i7 plac$ 9 s]vice aft]     
,decemb] #ca1 #bjbf1 or  7ii7 7,i7 9 !  
case ( a qualifi$ significant           
transmission l9e :i* is plac$ 9 s]vice  
be=e ,janu>y #a1 #bjbg1 modifi$ 9 a     
mann] t increases ! transmission        
capacity ( su* l9e by n less ?an #ejj   

megawatts1 or  7,,ii7 9 ! case ( a      
qualifi$ g5]ator tie l9e1 modifi$ aft]  
,decemb] #ca1 #bjbf1 9 a mann] t        
increases ! transmission capacity ( su* 
l9e4  7#b7 ,qualifi$ significant        
transmission l9e  7,a7 ,9 g5]al ,=      
purposes ( ?is subsection1 ! t]m        
qualifi$ significant transmission l9e   
means any electric p[] transmission l9e 
:i*-- 7i7 has a transmission capacity ( 
n less ?an #ejj megawatts1  7ii7        
satisfies ei!r ( ! requirem5ts describ$ 
9 subp>agraph 7,b71 &  7iii7 is "p ( a  
project describ$ 9 subp>agraph 7,c7 t   
transmits electricity-- 7,i7 across a   
,/ate b\nd>y 7includ+ any b\nd>y z def9$
 9 section #b7;b7 ( ! ,subm]g$ ,l&s ,act
 ( #aiec 7#dc ,u4,s4,c4 #acja7;b7771    
7,,ii7 betwe5 #b or m transmission      
plann+ subregions id5tifi$ 9 ! mo/ rec5t
 /udy publi%$ pursuant to section       
#baf7;a77#a7 ( ! ,f$]al ,p[] ,act 7#af  
,u4,s4,c4 #hbdp7a77#a77 be=e ! date on  
:i* con/ruction beg9s on ! project1     
7,,iii7 across or :olly )9 ! out]       

,cont95tal ,%elf 7z def9$ 9 section     
#b7;a7 ( ! ,out] ,cont95tal ,l&s ,act   
7#dc ,u4,s4,c4 #acca7;a7771 or  7,,iv7 =
 n less ?an #ajj cont9u\s miles4  7,b7  
,voltage requirem5ts ,! requirem5ts     
describ$ 9 ?is subp>agraph ) respect to 
any electric p[] transmission l9e are ! 
foll[+3 7i7 ,su* transmission l9e is    
capable ( transmitt+ electricity at an  
alt]nat+ curr5t voltage ( n less ?an    
#cde kilovolts or direct curr5t voltage 
( n less ?an #bjj kilovolts4  7ii7 ,su* 
transmission l9e includes an advanc$    
transmission conductor & is capable (   
transmitt+ electricity at a voltage ( n 
less ?an #ajj kilovolts4  7,c7 ,project 
requirem5ts ,= purposes ( subp>agraph   
7,a77iii71 a project describ$ 9 ?is     
subp>agraph-- 7i7 %all consi/ ( #a or m 
electric p[] transmission l9es t beg9 & 
end ) a sub/ation1 conv]t] /ation1 or   
swit*y>d1 &  7ii7 may be plac$ 9 s]vice 
by m ?an #a taxpay] dur+ m ?an #a       
taxable ye>4  7,d7 ,relat$ def9itions ,=
 purposes ( subp>agraph 7,b71 ! t]m     

advanc$ transmission conductor means an 
electric transmission conductor t       
demon/rates-- 7i7 an improvem5t 9       
ampacity ov] an alum9um conductor       
/eel-re9=c$ conductor ( simil>          
con/ruction ( no less ?an #fj p]c5t     
measur$ 9 t]ms ( ampacity at maximum    
cont9u\s op]at+ temp]ature "u cont9u\s  
use1  7ii7 a direct curr5t electrical   
resi/ance1 measur$ at #bj degrees       
,celsius1 t is #ij p]c5t or less ?an t (
 an alum9um conductor /eel-re9=c$       
conductor ( a simil> con/ruction1 &     
7iii7 no m sag ?an t ( an alum9um       
conductor /eel-re9=c$ conductor ( a     
simil> con/ruction at maximum cont9u\s  
op]at+ temp]ature4  7#c7 ,qualifi$      
g5]ator tie l9e ,= purposes ( ?is       
subsection1 ! t]m qualifi$ g5]ator tie  
l9e means any electric p[] transmission 
l9e :i*-- 7,a7 is capable ( transmitt+  
electricity at a voltage ( n less ?an   
#bcj kilovolts1 &  7,b7 is prim>ily us$ 
to-- 7i7 connect to or upgrade network  
capacity = a new or exp&$ facility us$  

to g5]ate electricity to an electric    
transmission l9e1 or  7ii7 to connect   
to1 or upgrade network capacity =1 en]gy
 /orage te*nology4  7#d7 ,en]gy /orage  
te*nology ,= purposes ( ?is subsection1 
! t]m en]gy /orage te*nology has ! same 
mean+ giv5 su* t]m "u p>agraph 7#f7 (   
section #dh7;c71 except t su* p>agraph  
%all be appli$ )\t reg>d to subp>agraphs
 7,a77ii7 & 7,d7 !re(4  7d7 ,d5ial (    
d\ble b5efit ,a cr$it %all n be all[$ "u
 ?is section = any qualifi$ prop]ty or  
any qualifi$ sub/ation prop]ty 9        
connection ) a qualifi$ electric p[]    
transmission l9e = :i* a cr$it is all[$ 
"u section #dh or #dh;,e4  7e7          
,t]m9ation ,?is section %all n apply to 
any prop]ty ! con/ruction ( :i* beg9s   
aft] ,decemb] #ca1 #bjcf4  4  7b7       
,public utility prop]ty ,p>agraph 7#b7 (
 section #ej7;d7 ( ! ,int]nal ,rev5ue   
,code is am5d$-- 7#a7 by /rik+ 7z def9$ 
9 section #dh7;c77#f77 & ins]t+ 7z def9$
 9 section #dh7;c77#f71 except t        
subp>agraph 7,d7 ( su* section %all n   

apply7 or any qualifi$ electric p[]     
transmission l9e 7z def9$ by section    
#dh;,f7c771 &  7#b7 9 subp>agraph 7,b7--
 7,a7 by ins]t+ or qualifi$ electric p[]
 transmission l9e aft] ea* en]gy /orage 
te*nology1 &  7,b7 by ins]t+ or !       
qualifi$ electric p[] transmission l9e  
aft] ! en]gy /orage te*nology4  7c7     
,elective paym5t & transf] ( cr$it  7#a7
 ,elective paym5t ,section #fdag ( !    
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7,a7 9 subsection 7b71 by add+  
at ! end ! foll[+3  7#ac7 ,! qualifi$   
electric p[] transmission l9e cr$it     
det]m9$ "u section #dh;,f4  1 &  7,b7 9 
subsection 7d77#a7-- 7i7 9 subp>agraph  
7,a7-- 7,i7 9 clause 7v71 by /rik+ or at
 ! end1  7,,ii7 9 clause 7vi71 by /rik+ 
! p]iod at ! end & ins]t+ 1 or1 &       
7,,iii7 by add+ at ! end ! foll[+ new   
clause3  7vii7 any ,f$]al p[] m>ket+    
ag5cy 7z def9$ 9 section #c ( ! ,f$]al  
,p[] ,act 7#af ,u4,s4,c4 #gif774  1     
7ii7 9 subp>agraph 7,e71 by /rik+ 7,c71 
or 7,d7 ea* place x appe>s & ins]t+     

7,c71 7,d71 or 7,e71  7iii7 by          
r$esignat+ subp>agraph 7,e7 7z am5d$ by 
clause 7ii77 z subp>agraph 7,f71 &  7iv7
 by ins]t+ aft] subp>agraph 7,d7 !      
foll[+ new subp>agraph3  7,e7 ,election 
) respect to qualifi$ electric p[]      
transmission l9e cr$it ,if a taxpay] o!r
 ?an an entity describ$ 9 subp>agraph   
7,a7 makes an election "u ?is           
subp>agraph ) respect to any taxable ye>
 9 :i* su* taxpay] has made a qualifi$  
inve/m5t ) respect to any qualifi$      
electric p[] transmission l9e 7z def9$ 9
 section #dh;,f71 su* taxpay] %all be   
treat$ z an applicable entity = purposes
 ( ?is section = su* taxable ye>1 b only
 ) respect to ! cr$it describ$ 9        
subsection 7b77#ac74  4  7#b7 ,transf]  
,section #fdah7;f77#a77;,a7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by add+ 
! foll[+ new clause3  7xiii7 ,! qualifi$
 electric p[] transmission l9e cr$it "u 
section #dh;,f4  4  7#c7 ,exempt+ direct
 paym5ts f seque/ration ,subsection 7d7 
( section #bee ( ! ,balanc$ ,budget &   

,em]g5cy ,deficit ,control ,act ( #aihe 
7#b ,u4,s4,c4 #ije7 is am5d$ by add+ at 
! end ! foll[+ new p>agraph3  7#c7      
,elective paym5t ( applicable cr$its    
,paym5ts made to taxpay]s pursuant to   
elections "u section #fdag ( ! ,int]nal 
,rev5ue ,code ( #aihf1 or am\nts treat$ 
z paym5ts :i* are made by taxpay]s "u   
subsection 7a7 ( su* section1 %all be   
exempt f r$uction "u any ord] issu$ "u  
?is "p4  4  7d7 ,con=m+ am5dm5ts  7#a7  
,section #df ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$-- 7,a7 by /rik+ & at ! 
end ( p>agraph 7#f71  7,b7 by /rik+ !   
p]iod at ! end ( p>agraph 7#g7 & ins]t+ 
1 &1 &  7,c7 by add+ at ! end ! foll[+  
new p>agraph3  7#h7 ! qualifi$ 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 7vii71  7,b7 by /rik+ ! p]iod at 
! end ( clause 7viii7 & ins]t+ 1 &1 &   
7,c7 by add+ at ! end ! foll[+ new      
clause3  7ix7 ! basis ( any qualifi$    
electric p[] transmission l9e "u section

 #dh;,f4  4  7#c7 ,section              
#ei;,a7b77#a77;,b77ii7 ( su* ,code is   
am5d$ by /rik+ plus at ! end ( subclause
 7,i71 by r$esignat+ subclause 7,,ii7 z 
subclause 7,,iii71 & by ins]t+ aft]     
subclause 7,i7 ! foll[+ new subclause3  
7,,ii7 ! cr$it all[$ "u section #ch = ! 
taxable ye> :i* is prop]ly allocable to 
! inve/m5t cr$it det]m9$ "u section #df1
 b only to ! ext5t prop]ly allocable to 
! qualifi$ electric p[] transmission l9e
 det]m9$ "u section #dh;,f1 plus  4     
7#d7 ,section #ch7;c77#d77;,b7 ( su*    
,code is am5d$-- 7,a7 by r$esignat+     
clauses 7xi7 & 7xii7 z clauses 7xii7 &  
7xiii71 respectively1 &  7,b7 by ins]t+ 
aft] clause 7x7 ! foll[+ new clause3    
7xi7 ! cr$it det]m9$ "u section #df to !
 ext5t t su* cr$it is attributable to ! 
qualifi$ electric p[] transmission l9e  
det]m9$ "u section #dh;,f1  4  7#e7 ,!  
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;,e ! foll[+ new item3  ,sec4

 #dh;,f4 ,qualifi$ electric p[]         
transmission l9e cr$it4  4  7e7         
,effective date ,! am5dm5ts made by ?is 
section %all apply to prop]ty plac$ 9   
s]vice aft] ,decemb] #ca1 #bjbf1 & to   
exp5ditures :i* are paid or incurr$ aft]
 su* date4