[Congressional Record Volume 163, Number 194 (Wednesday, November 29, 2017)]
[Senate]
[Page S7472]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 1633. Mr. ISAKSON (for himself, Mr. Perdue, Mr. Graham, Mr. Scott,
Mr. Shelby, and Mr. Strange) submitted an amendment intended to be
proposed by him to the bill H.R. 1, to provide for reconciliation
pursuant to titles II and V of the concurrent resolution on the budget
for fiscal year 2018; which was ordered to lie on the table; as
follows:
At the appropriate place, insert the following:
SEC. ___. MODIFICATIONS OF CREDIT FOR PRODUCTION FROM
ADVANCED NUCLEAR POWER FACILITIES.
(a) Treatment of Unutilized Limitation Amounts.--Section
45J(b) 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 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;
``(iv) any person who has an ownership interest in such
facility; or
``(v) any financial institution which provides financing
for the construction or operation of the advanced nuclear
power facility to which the credit under sub-section (a)
relates.
``(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) 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.
______