Sec. 112012. Phase-out and restrictions on zero-emission nuclear power production credit

273 words·~1 min read·/bill/119/hr/1/rh/section-112012

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Section 45U(e) is amended to read as follows: For any taxable year beginning after December 31, 2028, the amount of the zero-emission nuclear power production credit under subsection

(a)for such taxable year shall be equal to the product of— the amount of the credit determined under subsection

(a)without regard to this subsection, multiplied by the phase-out percentage under paragraph (2). The phase-out percentage under this paragraph is equal to— for any taxable year beginning in calendar year 2029, 80 percent, for any taxable year beginning in calendar year 2030, 60 percent, for any taxable year beginning in calendar year 2031, 40 percent, and for any taxable year beginning after December 31, 2031, 0 percent. . Section 45U(c) is amended by adding at the end the following new paragraph: No credit determined under subsection

(a)shall be allowed under section 38 for any taxable year beginning after the date of enactment of this paragraph if the taxpayer is a specified foreign entity (as defined in section 7701(a)(51)(B)). No credit determined under subsection

(a)shall be allowed under section 38 for any taxable year beginning after the date which is 2 years after the date of enactment of this paragraph if the taxpayer is a foreign-influenced entity (as defined in section 7701(a)(51)(D)). . Section 6418(f)(1)(A), as amended by section 112008, 112009, 112010, and 112011, is amended by striking clause (iv). Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act. The amendment made by subsection

(c)shall apply to electricity produced and sold after December 31, 2027.