Rep. Dan Newhouse (R-Wash.) has introduced legislation to expand tax incentives for domestic nuclear energy investment.
The bill, Parity for Nuclear Energy Investment Act, was introduced on Dec. 4. It is co-sponsored by Reps. Chuck Fleischmann (R-Tenn.) and Claudia Tenney (R-N.Y.).
The legislation seeks to amend the Internal Revenue Code of 1986 to expand the meaning and eligibility of energy communities for purposes of the increased renewable electricity production and clean electricity investment credit rates, according to the document.
The bill would expand eligibility for nuclear projects in non-metropolitan areas. The legislation also includes a bonus incentive to increase the financial viability of new nuclear projects.
Newhouse’s district includes the Department of Energy’s Hanford Site in Richland, Wash. Newhouse hopes to see a small modular reactor cited in the area. “The administration is expediting efforts to produce more American nuclear energy, and Richland will be home to some of the first small modular reactors which will help achieve that goal, ” he said in a Tuesday press release.
“After protecting tax credits for nuclear energy in the Working Families Tax Cuts, it is time to expand investment opportunities for new projects in places like the Tri-Cities,” Newhouse said.
Earlier this year, Newhouse penned a letter to the House Ways and Means Committee Chair Jason Smith to retain tax credits for nuclear energy developments in the reconciliation bill.