[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1016 Introduced in Senate (IS)]
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117th CONGRESS
1st Session
S. 1016
To amend the Internal Revenue Code of 1986 to establish a tax credit
for installation of regionally significant electric power transmission
lines.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 25, 2021
Mr. Heinrich introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to establish a tax credit
for installation of regionally significant electric power transmission
lines.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Electric Power Infrastructure
Improvement Act''.
SEC. 2. ESTABLISHMENT OF ELECTRIC POWER TRANSMISSION LINES.
(a) In General.--Subpart E of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by inserting after
section 48C the following new section:
``SEC. 48D. QUALIFYING ELECTRIC POWER TRANSMISSION LINE CREDIT.
``(a) Allowance of Credit.--For purposes of section 46, the
qualifying electric power transmission line credit for any taxable year
is an amount equal to 30 percent of the qualified investment for such
taxable year with respect to any qualifying electric power transmission
line property of the taxpayer.
``(b) Qualifying Investment.--
``(1) In general.--For purposes of subsection (a), the
qualified investment for any taxable year is the basis of any
qualifying electric power transmission line property placed in
service by the taxpayer during such taxable year.
``(2) Certain qualified progress expenditures rules made
applicable.--Rules similar to the rules of subsections (c)(4)
and (d) of section 46 (as in effect on the day before the
enactment of the Revenue Reconciliation Act of 1990) shall
apply for purposes of this section.
``(c) Qualifying Electric Power Transmission Line Property.--The
term `qualifying electric power transmission line property' means--
``(1) any overhead, submarine, or underground transmission
facility which--
``(A) is capable of transmitting electricity at a
voltage of not less than 275 kilovolts,
``(B) has a transmission capacity of not less than
500 megawatts,
``(C) is an alternating current or direct current
transmission line, and
``(D) delivers power produced in either a rural
area or offshore, and
``(2) any conductors or cables, towers, insulators,
reactors, capacitors, circuit breakers, static VAR
compensators, static synchronous compensators, power
converters, transformers, synchronous condensers, braking
resistors, and any ancillary facilities and equipment necessary
for the proper operation of the facility described in paragraph
(1).
``(d) Termination.--This section shall not apply to any property
placed in service after December 31, 2031.''.
(b) Conforming Amendments.--
(1) Section 46 of the Internal Revenue Code of 1986 is
amended--
(A) by striking ``and'' at the end of paragraph
(5),
(B) by striking the period at the end of paragraph
(6) and inserting ``, and'', and
(C) by adding at the end the following new
paragraph:
``(7) the qualifying electric power transmission line
credit.''.
(2) Section 49(a)(1)(C) of such Code is amended--
(A) by striking ``and'' at the end of clause (iv),
(B) by striking the period at the end of clause (v)
and inserting ``, and'', and
(C) by adding at the end the following new clause:
``(vi) the basis of any qualifying electric
power transmission line property under section
48D.''.
(3) The table of sections for subpart E of part IV of
subchapter A of chapter 1 of such Code is amended by inserting
after the item relating to section 48C the following new item:
``Sec. 48D. Qualifying electric power transmission line credit.''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2021.
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