Statement of Administration Policy: H.R. 1551 - Modifying Advanced Nuclear Power Tax Credit

(House)
(Rep. Rice, R-SC and 32 cosponsors)

The Administration supports H.R. 1551, to modify the production tax credit for advanced nuclear power facilities. The bill would fulfill the President's commitment to the continuation of nuclear energy as a major contributor to our Nation's energy production and security. Nuclear power is critical to the reliability, security, and diversity of our national energy mix.

H.R. 1551 would direct the Internal Revenue Service to allocate unutilized portions of the 6,000 national megawatt capacity limitation to eligible advanced nuclear facilities placed in service after December 31, 2020, thereby extending the tax credits prior to the expected in-service date of nuclear reactors currently under construction. In addition, the bill would enable the transfer of credits from public entities to project partners so that the benefit can be realized.

The Administration continues to support pro-growth policies, including increased domestic energy production. As the Administration continues to work with Congress on comprehensive tax reform, it will work to simplify the tax code, reduce distortions and lower rates across the board.

If H.R. 1551 were presented to the President in its current form, his advisors would recommend that he sign the bill into law.