|
WASHINGTON –
Today,
U.S.
Senator
Tim
Scott
(R-SC)
introduced
legislation
that
could
help
lower
energy
prices
for
millions
of
Americans.
His
legislation
corrects
an
inefficiency
in
the
United
States
tax
code
to
allow
more
effective
use
of
the
nuclear
production
tax
credit
(PTC)
to
lower
energy
prices
for
consumers
and
mitigate
the
risk
public-private
partnerships
incur
when
involved
in
the
construction
of
first-in-a-generation
nuclear
power
facilities.
The
nuclear
PTC
was
designed
to
encourage
investment
in
advanced
nuclear
energy
projects
between
both
public
and
private
partnerships.
This
joint
ownership
leads
to
inefficiencies
in
the
way
the
tax
credit
is
shared
between
the
private
partners
and
the
public
partners,
which
ultimately
results
in
an
inequity
in
the
benefit
ratepayers
may
receive
in
the
form
of
cheaper
electricity.
This
bill
would
correct
this
disparity
and
would
ensure
nuclear
PTC
works
for
both
the
public
and
private
entities
as
it
was
originally
intended.
Representatives
Tom
Rice
(R–S.C)
and
Earl
Blumenauer
(D–Ore.)
introduced
companion
legislation
in
the
House.
“This
is
a
more
responsible
and
efficient
way
to
deliver
the
incentives
Congress
created
to
construct
new,
clean
nuclear
power
through
public-private
partnerships,”
said
Senator
Scott.
“South
Carolina
is
leading
the
nation
as
a
first
mover
in
building
advanced
nuclear
power
facilities
that
help
our
energy
sector
to
meet
the
needs
and
challenges
of
our
state’s
21st
century
manufacturing
economy.
Most
importantly,
it
will
be
a
positive
change
that
will
benefit
millions
of
South
Carolina
residents.”
“Other
energy
technologies
are
able
to
effectively
use
their
credits
with
public-private
partnerships
and
nuclear
energy
should
have
the
same
consideration,”
said
Congressman
Rice.
“This
bill
helps
to
correct
a
disparity
of
current
law
so
savings
can
be
passed
on
to
consumers
in
South
Carolina,
the
southeast,
and
across
the
country
who
deserve
affordable,
reliable
energy.”
Full
text
of
the
bill
is
available
here.
### |