Senator Scott, Congressman Rice Introduce Bipartisan Legislation to Lower Energy Prices
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.