Rep. Rice, Sen. Scott introduce legislation to modify Nuclear Production Tax Credit
Rep. Tom Rice (R-SC) and Sen. Tim Scott (R-SC) recently introduced legislation that would modify the U.S. tax code to enable nonprofit partners in nuclear power facilities to effectively utilize the nuclear production tax credit (PTC).
“Other energy technologies are able to fully use their credits with public-private partnerships and nuclear energy should have the same consideration,” Rice said. “This bill helps to correct a disparity of current law so savings can be passed on to millions of consumers in South Carolina and across the country who deserve affordable, reliable energy.”
Under the current law, ratepayers to for-profit partners obtain savings from the nuclear PTC, while ratepayers to nonprofit partners do not. This bill would allow nonprofits to use the nuclear PTC and pass those savings onto their customers. It would also remove the requirement that nuclear facilities must enter operation by 2020 to be eligible for the credit.
“This is a more responsible and efficient way to deliver the incentives Congress created to construct new, clean nuclear power through public-private partnerships,” Scott said. “South Carolina is leading the nation as a first mover in building advanced nuclear power facilities that help our energy sector to meet the needs and challenges of our state’s 21st century manufacturing economy. Most importantly, it will be a positive change that will benefit millions of South Carolina residents.”