It doesn’t get much publicity, but H.R. 1551 in the U.S. House of Representatives has a great impact on Georgia. It amends the Internal Revenue Code of 1986 to modify the credit for production from advanced nuclear power facilities. Specifically, this bill amends the U.S. tax code to allow nonprofit partners in nuclear power facilities to effectively use the nuclear production tax credit (PTC), allowing them to pass rate savings onto consumers.
Interestingly, it has won support from Georgia congressmen ranging from the very liberal Democrat Rep. Hank Johnson to the very conservative Rep. Jody Hice.
The bill also would provide certainty regarding the reallocation of credits in order to ensure that the credits provided under the law are fully utilized as intended. The need for passage was highlighted by Johnson in a letter to Rep. Kevin Brady, chairman of the House Ways and Means Committee:
“These modifications to this tax credit will not cost any additional taxpayer funds, but will signal to the world that America is leading the way in nuclear production. …” Specifically, the Lithonia Democrat writes, “I believe this provision is important to support the thriving energy sector in Georgia.”
With a nod toward the Peach State’s largest construction site— the two nuclear units under construction at Plant Vogtle near Augusta— Johnson urges his congressional colleagues to “help Georgia’s energy sector create 4,000 jobs and support a thriving labor community.”
It is significant that he is joined by fellow Georgia Democrat Congressmen David Scott and Sanford Bishop— indicating growing bipartisan support on Capitol Hill for continuing the construction and completion of the first new electricity-generating nuclear units to be built in this country in 30 years.