House Moves Nuclear Tax Credit Legislation

House lawmakers swiftly gave broad approval Tuesday to a bill, H.R. 1551, from Reps. Tom Rice (R-S.C.) and Earl Blumenauer (D-Ore.) modifying the 45(j) production tax credit to remove a 2021 deadline for new reactors to be placed in service.

“Without this legislation, the nuclear power industry may cease to exist as we know it today in this country,” Rice said, adding it may be “another 30 or 40 years before this country builds another cutting-edge nuclear facility” without this incentive.

The reforms in this legislation were designed to allow more time for the nation’s four new nuclear reactors under construction to receive the credit. But it is also potentially beneficial for helping come online future advanced nuclear facilities using state-of-the-art small modular reactors, such as those being designed by NuScale Power. “NuScale’s technology is one of the biggest opportunities for nuclear over the next decade and these reforms to 45(j) would significantly bolster their ability to demonstrate the first American small modular reactor,”

The White House also supports the bill. Sen. Tim Scott (R-S.C.) has introduced a companion bill.  (Frank Maisano)