House passes nuclear energy tax bill RSS Feed

House passes nuclear energy tax bill

The House quickly passed a bill extending a nuclear energy tax credit on Tuesday.

The bill, bipartisan legislation from Reps. Tom Rice (R-S.C.), Earl Blumenauer (D-Ore.) and others, would increase the number of utilities that can qualify for the tax credit and remove construction deadlines for facilities that use it.

The House passed the bill, which would cost $16 million over 10 years, on a voice vote.

The legislation lifts a requirement that nuclear facilities be placed into service by the end of 2020 in order to receive the 1.8-cent-per-kilowatt-hour tax credit.

It would also allow government-owned utilities and nonprofit electric co-ops to receive the credit and give them the power to transfer credits to other partners on the facilities, such as the projects’ designers.
The bill is especially important for the states of Georgia and South Carolina, the only two states where new nuclear power plants are under construction.

“Without this legislation, the nuclear power industry may cease to exist as we know it in this country, which is exactly why passing this bill now is more important than ever,” Rice said.

“We need to give these plants the certainty of these tax credits, just as Congress intended.”

Only one member spoke out against the bill on Tuesday.
Read full article at The Hill