[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1551 Received in Senate (RDS)]
<DOC>
115th CONGRESS
1st Session
H. R. 1551
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 21, 2017
Received
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to modify the credit for
production from advanced nuclear power facilities.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. MODIFICATIONS OF CREDIT FOR PRODUCTION FROM ADVANCED NUCLEAR
POWER FACILITIES.
(a) Treatment of Unutilized Limitation Amounts.--Section 45J(b) of
the Internal Revenue Code of 1986 is amended--
(1) in paragraph (4), by inserting ``or any amendment to''
after ``enactment of''; and
(2) by adding at the end the following new paragraph:
``(5) Allocation of unutilized limitation.--
``(A) In general.--Any unutilized national megawatt
capacity limitation shall be allocated by the Secretary
under paragraph (3) as rapidly as is practicable after
December 31, 2020--
``(i) first to facilities placed in service
on or before such date to the extent that such
facilities did not receive an allocation equal
to their full nameplate capacity; and
``(ii) then to facilities placed in service
after such date in the order in which such
facilities are placed in service.
``(B) Unutilized national megawatt capacity
limitation.--The term `unutilized national megawatt
capacity limitation' means the excess (if any) of--
``(i) 6,000 megawatts, over
``(ii) the aggregate amount of national
megawatt capacity limitation allocated by the
Secretary before January 1, 2021, reduced by
any amount of such limitation which was
allocated to a facility which was not placed in
service before such date.
``(C) Coordination with other provisions.--In the
case of any unutilized national megawatt capacity
limitation allocated by the Secretary pursuant to this
paragraph--
``(i) such allocation shall be treated for
purposes of this section in the same manner as
an allocation of national megawatt capacity
limitation; and
``(ii) subsection (d)(1)(B) shall not apply
to any facility which receives such
allocation.''.
(b) Transfer of Credit by Certain Public Entities.--
(1) In general.--Section 45J of such Code is amended--
(A) by redesignating subsection (e) as subsection
(f); and
(B) by inserting after subsection (d) the following
new subsection:
``(e) Transfer of Credit by Certain Public Entities.--
``(1) In general.--If, with respect to a credit under
subsection (a) for any taxable year--
``(A) the taxpayer would be a qualified public
entity; and
``(B) such entity elects the application of this
paragraph for such taxable year with respect to all (or
any portion specified in such election) of such credit,
the eligible project partner specified in such election (and
not the qualified public entity) shall be treated as the
taxpayer for purposes of this title with respect to such credit
(or such portion thereof).
``(2) Definitions.--For purposes of this subsection--
``(A) Qualified public entity.--The term `qualified
public entity' means--
``(i) a Federal, State, or local government
entity, or any political subdivision, agency,
or instrumentality thereof;
``(ii) a mutual or cooperative electric
company described in section 501(c)(12) or
section 1381(a)(2); or
``(iii) a not-for-profit electric utility
which has or had received a loan or loan
guarantee under the Rural Electrification Act
of 1936.
``(B) Eligible project partner.--The term `eligible
project partner' means--
``(i) any person responsible for, or
participating in, the design or construction of
the advanced nuclear power facility to which
the credit under subsection (a) relates;
``(ii) any person who participates in the
provision of the nuclear steam supply system to
the advanced nuclear power facility to which
the credit under subsection (a) relates;
``(iii) any person who participates in the
provision of nuclear fuel to the advanced
nuclear power facility to which the credit
under subsection (a) relates; or
``(iv) any person who has an ownership
interest in such facility.
``(3) Special rules.--
``(A) Application to partnerships.--In the case of
a credit under subsection (a) which is determined at
the partnership level--
``(i) for purposes of paragraph (1)(A), a
qualified public entity shall be treated as the
taxpayer with respect to such entity's
distributive share of such credit; and
``(ii) the term `eligible project partner'
shall include any partner of the partnership.
``(B) Taxable year in which credit taken into
account.--In the case of any credit (or portion
thereof) with respect to which an election is made
under paragraph (1), such credit shall be taken into
account in the first taxable year of the eligible
project partner ending with, or after, the qualified
public entity's taxable year with respect to which the
credit was determined.
``(C) Treatment of transfer under private use
rules.--For purposes of section 141(b)(1), any benefit
derived by an eligible project partner in connection
with an election under this subsection shall not be
taken into account as a private business use.''.
(2) Special rule for proceeds of transfers for mutual or
cooperative electric companies.--Section 501(c)(12) of such
Code is amended by adding at the end the following new
subparagraph:
``(I) In the case of a mutual or cooperative
electric company described in this paragraph or an
organization described in section 1381(a)(2), income
received or accrued in connection with an election
under section 45J(e)(1) shall be treated as an amount
collected from members for the sole purpose of meeting
losses and expenses.''.
(c) Effective Dates.--
(1) Treatment of unutilized limitation amounts.--The
amendment made by subsection (a) shall take effect on the date
of the enactment of this Act.
(2) Transfer of credit by certain public entities.--The
amendments made by subsection (b) shall apply to taxable years
beginning after the date of the enactment of this Act.
Passed the House of Representatives June 20, 2017.
Attest:
KAREN L. HAAS,
Clerk.