WASHINGTON, D.C. – Congressman Darin LaHood introduced H.R. 2314, the bipartisan Nuclear Powers America Act of 2019. Given the economic challenges facing nuclear energy, the bill will provide an investment tax credit (ITC) for continued capital investment in existing nuclear plants. Currently, the investment tax credit is available for investments in many types of energy such as solar, wind, geothermal, fuel cell, and combined heat and power, but not nuclear. This legislation has eleven bipartisan original cosponsors.
“Our nuclear plants are currently facing unprecedented challenges, with a number of plants facing financial distress in Illinois alone,” said Rep. LaHood. “Nuclear energy provides twenty percent of our nation’s electricity, and a majority of our emissions-free generation, which is why it is so important that we strengthen these plants through capital investment. This bill will promote just that, by creating a tax credit for continued investment in nuclear plants this will ensure that our nation’s electrical system stays strong. As a strong proponent of an all-of-the-above energy approach, I understand the importance of a level playing field and a diversified energy portfolio for both national security and energy independence.”
The Nuclear Powers America Act of 2019
This bill will create a 30% tax credit for refueling costs and qualified nuclear power plant capital expenditures for each taxable year through 2023. Thereafter, the credit rate would be reduced until it reached 10% in 2026.
Illinois is home to six nuclear plants, supporting more than 5,900 jobs and accounting for 50.6% of Illinois’ electricity generation. This includes the nuclear power plant in Clinton which supports approximately 700 jobs in DeWitt County. Five of the six plants operating in Illinois are showing signs of increased economic distress.
Nuclear power accounts for 20% of the nation’s electrical supply, produces more than 60% of the emissions-free generation in America, and support 475,000 jobs. The Nuclear Powers America Act would provide three times the clean energy at half the cost per megawatt hour of other clean energy tax credits