Washington Reporter: EXCLUSIVE: Rep. Pat Harrigan rolls out a bipartisan fix to

[Marlin]

Washington Reporter: EXCLUSIVE: Rep. Pat Harrigan rolls out a bipartisan fix to outdated tax rules that are preventing nuclear energy growth

https://harrigan.house.gov/media/in-the-news/washington-reporter-exclusive-rep-pat-harrigan-rolls-out-bipartisan-fix-outdated

[Rennhack]

If it passes, this is great news.

[News Wire]

Representatives Pat Harrigan and Jimmy Panetta introduced the Nuclear Rate Stabilization Act to modify how clean energy investment tax credits are applied to reactor construction. The proposed legislation seeks to change normalization rules that currently spread tax credits over a 40-year period. This adjustment aims to increase the immediate financial effectiveness of these credits and reduce construction costs for utilities.

WASHINGTON, D.C.—Reps. Pat Harrigan (R., N.C.) and Jimmy Panetta (D., Calif.) are rolling out bipartisan legislation, obtained exclusively by the Washington Reporter, that would fix the broken tax credit rules that they believe have been holding back nuclear energy construction and preventing savings from reaching consumers.

Their bill, the Nuclear Rate Stabilization Act, comes as lawmakers of both parties are working to address cost of living issues for Americans, and the bicoastal, bipartisan pair wants to modernize America's energy laws.

Under current law, utilities that construct nuclear reactors are eligible for a clean energy investment tax credit of between 30 and 50 percent of construction costs. However, investment tax credit (ITC) normalization rules require that credit to be stretched over the 40-year life of the reactor. The lawmakers argue that this dilutes the ITC's effectiveness and prevents near-term rate relief from reaching consumers.

Read the full article at Congressman Pat Harrigan:
https://harrigan.house.gov/media/in-the-news/washington-reporter-exclusive-rep-pat-harrigan-rolls-out-bipartisan-fix-outdated