S.666 - A bill to amend the Internal Revenue Code of 1986 to modify the credit for production from advanced nuclear power facilities.115th Congress (2017-2018) |

Summary: S.666 — 115th Congress (2017-2018)All Information (Except Text)

Shown Here:
Introduced in Senate (03/15/2017)

This bill amends the Internal Revenue Code, with respect to the tax credit for the production of electricity from advanced nuclear power facilities, to: (1) establish requirements for the allocation of unutilized portions of the national megawatt capacity limitation, and (2) allow public entities to transfer the credit to project partners.

If a portion of the 6,000 national megawatt capacity limitation for the credit is unutilized after December 31, 2020, the Internal Revenue Service must allocate the unutilized capacity: (1) first to facilities that were placed in service on or before December 31, 2020, and did not receive an allocation equal to their full nameplate capacity; and (2) then to facilities placed in service after December 31, 2020, in the order in which the facilities are placed in service. The placed-in-service sunset date of January 1, 2021, does not apply to the allocations of unutilized national megawatt capacity.

Qualified public entities may transfer the credit to an eligible project partner. A "qualified public entity" is: (1) a federal, state, or local government or any political subdivision, agency, or instrumentality thereof; (2) a mutual or cooperative electric company; or (3) a not-for-profit electric utility which has or had received a loan or loan guarantee under the Rural Electrification Act of 1936.

An "eligible project partner" includes any person who: (1) is responsible for, or is participating in, the design or construction of the facility; (2) participates in the provision of nuclear steam or nuclear fuel to the facility; or (3) has an ownership interest in the facility.