U.S. Rep. Darin LaHood (R-IL) on April 12 sponsored the bipartisan Nuclear Powers America Act of 2019 to provide nuclear power plants with a tax credit through 2023 to incentivize capital investments.
“Nuclear energy provides 20 percent of our nation’s electricity and a majority of our emissions-free generation, which is why it is so important that we strengthen these plants through capital investment,” Rep. LaHood said. “This bill will promote just that, by creating a tax credit for continued investment in nuclear plants this will ensure that our nation’s electrical system stays strong.”
If enacted, H.R. 2314 specifically would amend the Internal Revenue Code of 1986 to provide for an investment tax credit (ITC) related to the production of electricity from nuclear energy, according to the congressional record summary.
Currently, the ITC is not available for investments in nuclear but is available for investments in numerous other energy types, including solar, wind, geothermal, fuel cell, and combined heat and power, Rep. LaHood said.
“Our nuclear plants are currently facing unprecedented challenges, with a number of plants facing financial distress in Illinois alone,” said Rep. LaHood, who noted that Illinois has six nuclear plants that support more than 5,900 jobs and account for over 50 percent of the state’s electricity generation.
“As a strong proponent of an all-of-the-above energy approach, I understand the importance of a level playing field and a diversified energy portfolio for both national security and energy independence,” he said recently.
H.R. 2314 would create a 30 percent tax credit for refueling costs and qualified nuclear power plant capital expenditures for each taxable year through 2023, at which time the credit rate would be decreased until it reached 10 percent in 2026, according to a summary provided by Rep. LaHood’s office.
Among the 11 original cosponsors of H.R. 2314 are U.S. Reps. Adam Kinzinger (R-IL), Brian Fitzpatrick (R-PA), Rodney Davis (R-IL), John Katko (R-NY) and Cheri Bustos (D-IL).