Sec. 302. ASME Nuclear Certification credit
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Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to business related credits) is amended by adding at the end the following new section: For purposes of section 38, the ASME Nuclear Certification credit determined under this section for any taxable year is an amount equal to 15 percent of the qualified nuclear expenditures paid or incurred by the taxpayer. For purposes of this section, the term qualified nuclear expenditures means any expenditure related to— obtaining a certification under the American Society of Mechanical Engineers Nuclear Component Certification program, or increasing the taxpayer’s capacity to construct, fabricate, assemble, or install components— for any facility which uses nuclear energy to produce electricity, and with respect to the construction, fabrication, assembly, or installation of which the taxpayer is certified under such program.
The credit allowed under subsection
(a)for any expenditures shall be allowed— in the case of a qualified nuclear expenditure described in subsection (b)(1), for the taxable year of such certification, and in the case of any other qualified nuclear expenditure, for the taxable year in which such expenditure is paid or incurred. For purposes of this subtitle, if a credit is allowed under this section for an expenditure, the increase in basis which would result (but for this subsection) for such expenditure shall be reduced by the amount of the credit allowed under this section. No deduction shall be allowed under this chapter for any amount taken into account in determining the credit under this section. This section shall not apply to any expenditures paid or incurred in taxable years beginning after December 31, 2019. . Subsection
(b)of section 38 of such Code is amended by striking plus at the end of paragraph (35), by striking the period at the end of paragraph
(36)and inserting , plus , and by adding at the end the following new paragraph: the ASME Nuclear Certification credit determined under section 45S(a). . Subsection
(a)of section 1016 (relating to adjustments to basis) of such Code is amended by striking and at the end of paragraph (36), by striking the period at the end of paragraph
(37)and inserting , and , and by adding at the end the following new paragraph: to the extent provided in section 45S(d)(1). . The amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2012.