II 
Calendar No. 300 
115TH CONGRESS 
2D SESSION 
H. R. 1551 
IN THE SENATE OF THE UNITED STATES 
JUNE 21, 2017 
Received 
FEBRUARY 5, 2018 
Read the first time 
FEBRUARY 6, 2018 
Read the second time and placed on the calendar 
AN ACT 
To amend the Internal Revenue Code of 1986 to modify 
the credit for production from advanced nuclear power 
facilities. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. MODIFICATIONS OF CREDIT FOR PRODUCTION 
FROM ADVANCED NUCLEAR POWER FACILI-
TIES. 
(a) 
TREATMENT
OF
UNUTILIZED
LIMITATION 
AMOUNTS.—Section 45J(b) of the Internal Revenue Code 
of 1986 is amended— 
(1) in paragraph (4), by inserting ‘‘or any 
amendment to’’ after ‘‘enactment of’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(5) ALLOCATION
OF
UNUTILIZED
LIMITA-
TION.— 
‘‘(A) IN
GENERAL.—Any unutilized na-
tional megawatt capacity limitation shall be al-
located by the Secretary under paragraph (3) 
as rapidly as is practicable after December 31, 
2020— 
‘‘(i) first to facilities placed in service 
on or before such date to the extent that 
such facilities did not receive an allocation 
equal to their full nameplate capacity; and 
‘‘(ii) then to facilities placed in service 
after such date in the order in which such 
facilities are placed in service. 
‘‘(B) UNUTILIZED
NATIONAL
MEGAWATT 
CAPACITY
LIMITATION.—The term ‘unutilized 
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national megawatt capacity limitation’ means 
the excess (if any) of— 
‘‘(i) 6,000 megawatts, over 
‘‘(ii) the aggregate amount of national 
megawatt capacity limitation allocated by 
the Secretary before January 1, 2021, re-
duced by any amount of such limitation 
which was allocated to a facility which was 
not placed in service before such date. 
‘‘(C) COORDINATION WITH OTHER PROVI-
SIONS.—In the case of any unutilized national 
megawatt capacity limitation allocated by the 
Secretary pursuant to this paragraph— 
‘‘(i) such allocation shall be treated 
for purposes of this section in the same 
manner as an allocation of national mega-
watt capacity limitation; and 
‘‘(ii) subsection (d)(1)(B) shall not 
apply to any facility which receives such al-
location.’’. 
(b) TRANSFER OF CREDIT BY CERTAIN PUBLIC EN-
TITIES.— 
(1) IN GENERAL.—Section 45J of such Code is 
amended— 
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(A) by redesignating subsection (e) as sub-
section (f); and 
(B) by inserting after subsection (d) the 
following new subsection: 
‘‘(e) TRANSFER OF CREDIT BY CERTAIN PUBLIC EN-
TITIES.— 
‘‘(1) IN GENERAL.—If, with respect to a credit 
under subsection (a) for any taxable year— 
‘‘(A) the taxpayer would be a qualified 
public entity; and 
‘‘(B) such entity elects the application of 
this paragraph for such taxable year with re-
spect to all (or any portion specified in such 
election) of such credit, 
the eligible project partner specified in such election 
(and not the qualified public entity) shall be treated 
as the taxpayer for purposes of this title with re-
spect to such credit (or such portion thereof). 
‘‘(2) DEFINITIONS.—For purposes of this sub-
section— 
‘‘(A) QUALIFIED
PUBLIC
ENTITY.—The 
term ‘qualified public entity’ means— 
‘‘(i) a Federal, State, or local govern-
ment entity, or any political subdivision, 
agency, or instrumentality thereof; 
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‘‘(ii) a mutual or cooperative electric 
company described in section 501(c)(12) or 
section 1381(a)(2); or 
‘‘(iii) a not-for-profit electric utility 
which has or had received a loan or loan 
guarantee under the Rural Electrification 
Act of 1936. 
‘‘(B) ELIGIBLE PROJECT PARTNER.—The 
term ‘eligible project partner’ means— 
‘‘(i) any person responsible for, or 
participating in, the design or construction 
of the advanced nuclear power facility to 
which the credit under subsection (a) re-
lates; 
‘‘(ii) any person who participates in 
the provision of the nuclear steam supply 
system to the advanced nuclear power fa-
cility to which the credit under subsection 
(a) relates; 
‘‘(iii) any person who participates in 
the provision of nuclear fuel to the ad-
vanced nuclear power facility to which the 
credit under subsection (a) relates; or 
‘‘(iv) any person who has an owner-
ship interest in such facility. 
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‘‘(3) SPECIAL RULES.— 
‘‘(A) APPLICATION TO PARTNERSHIPS.—In 
the case of a credit under subsection (a) which 
is determined at the partnership level— 
‘‘(i) for purposes of paragraph (1)(A), 
a qualified public entity shall be treated as 
the taxpayer with respect to such entity’s 
distributive share of such credit; and 
‘‘(ii) the term ‘eligible project partner’ 
shall include any partner of the partner-
ship. 
‘‘(B) TAXABLE
YEAR
IN
WHICH
CREDIT 
TAKEN
INTO
ACCOUNT.—In the case of any 
credit (or portion thereof) with respect to which 
an election is made under paragraph (1), such 
credit shall be taken into account in the first 
taxable year of the eligible project partner end-
ing with, or after, the qualified public entity’s 
taxable year with respect to which the credit 
was determined. 
‘‘(C) TREATMENT
OF
TRANSFER
UNDER 
PRIVATE USE RULES.—For purposes of section 
141(b)(1), any benefit derived by an eligible 
project partner in connection with an election 
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under this subsection shall not be taken into ac-
count as a private business use.’’. 
(2) SPECIAL RULE FOR PROCEEDS OF TRANS-
FERS
FOR
MUTUAL
OR
COOPERATIVE
ELECTRIC 
COMPANIES.—Section 501(c)(12) of such Code is 
amended by adding at the end the following new 
subparagraph: 
‘‘(I) In the case of a mutual or cooperative 
electric company described in this paragraph or 
an organization described in section 1381(a)(2), 
income received or accrued in connection with 
an election under section 45J(e)(1) shall be 
treated as an amount collected from members 
for the sole purpose of meeting losses and ex-
penses.’’. 
(c) EFFECTIVE DATES.— 
(1) TREATMENT
OF
UNUTILIZED
LIMITATION 
AMOUNTS.—The amendment made by subsection (a) 
shall take effect on the date of the enactment of this 
Act. 
(2) TRANSFER OF CREDIT BY CERTAIN PUBLIC 
ENTITIES.—The amendments made by subsection 
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(b) shall apply to taxable years beginning after the 
date of the enactment of this Act. 
Passed the House of Representatives June 20, 2017. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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Calendar No. 300 
115TH CONGRESS 
2D SESSION 
H. R. 1551 
AN ACT 
To amend the Internal Revenue Code of 1986 to 
modify the credit for production from advanced 
nuclear power facilities. 
FEBRUARY 6, 2018 
Read the second time and placed on the calendar 
VerDate Sep 11 2014 
00:13 Feb 07, 2018
Jkt 079200
PO 00000
Frm 00010
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E:\BILLS\H1551.PCS
H1551
dlhill on DSK3GLQ082PROD with BILLS