S.Amdt. 4921

1. Adds Subtitle C--Nuclear Power Generation at the end of title IX

   Adds a section

   In S. 3036 · Placed on Calendar Senate

   There are authorized to be appropriated such sums as are necessary to carry out this Act.

   Inserted: Subtitle C--Nuclear Power Generation

   Inserted: PART I--NUCLEAR POWER TECHNOLOGY AND MANUFACTURING

   Inserted: SEC. 921. DEFINITIONS.

   Inserted: In this part:

   Inserted: (1) Engineering integration costs.--The term "engineering integration costs" includes the costs of engineering tasks relating to--

   Inserted: (A) the redesign of manufacturing processes to produce qualifying components and nuclear power generation technologies;

   Inserted: (B) the design of new tooling and equipment for production facilities that produce qualifying components and nuclear power generation technologies; and

   Inserted: (C) the establishment or expansion of manufacturing operations for qualifying components and nuclear power generation technologies.

   Inserted: (2) Nuclear power generation.--The term "nuclear power generation" means generation of electricity by an electric generation unit that--

   Inserted: (A) emits no carbon dioxide into the atmosphere;

   Inserted: (B) uses uranium as its fuel source; and

   Inserted: (C) was placed into commercial service after the date of enactment of this Act.

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   Inserted: (3) Nuclear power generation technology.--The term "nuclear power generation technology" means a technology used to produce nuclear power generation.

   Inserted: (4) Qualifying component.--The term "qualifying component" means a component that the Secretary of Energy determines to be specially designed for nuclear power generation technology.

   Inserted: SEC. 922. NUCLEAR POWER TECHNOLOGY FUND.

   Inserted: (a) Establishment.--There is established in the Treasury of the United States a fund to be known as the "Nuclear Power Technology Fund".

   Inserted: (b) Auctions.--

   Inserted: (1) In general.--In accordance with paragraph (2), to raise funds for deposit in the Nuclear Power Technology Fund, the Administrator shall auction--

   Inserted: (A) for each of calendar years 2012 through 2021, 2 percent of the emission allowances established pursuant to section 201(a) for that calendar year;

   Inserted: (B) for each of calendar years 2022 through 2030, 1 percent of the emission allowances established pursuant to section 201(a) for that calendar year; and

   Inserted: (C) for each of calendar years 2031 through 2050, 1 percent of the emission allowances established pursuant to section 201(a) for that calendar year.

   Inserted: (2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--

   Inserted: (A) conduct not fewer than 4 auctions; and

   Inserted: (B) schedule the auctions in a manner to ensure that--

   Inserted: (i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

   Inserted: (ii) the interval between each auction is of equal duration.

   Inserted: (c) Deposits.--Immediately upon the receipt of proceeds of auctions conducted pursuant to subsection (b), the Administrator shall deposit all of the proceeds into the Nuclear Power Technology Fund.

   Inserted: (d) Use of Funds.--For each of calendar years 2012 through 2050, all funds deposited in the Nuclear Power Technology Fund for the preceding year under subsection (c) shall be made available, without further appropriation or fiscal year limitation, to the Climate Change Technology Board established under section 431 to carry out the financial incentives program established under section 924.

   Inserted: SEC. 923. SPENT FUEL RECYCLING PROGRAM.

   Inserted: (a) Purpose.--It is the policy of the United States to recycle spent nuclear fuel to advance energy independence by maximizing the energy potential of nuclear fuel in a proliferation-resistant manner that reduces the quantity of waste dedicated to a permanent Federal repository.

   Inserted: (b) Spent Fuel Recycling Research and Development Facility.--

   Inserted: (1) In general.--Not later than 1 year after the date of enactment of this Act, the Secretary shall begin construction of a spent fuel recycling research and development facility.

   Inserted: (2) Purpose.--The facility described in paragraph (1) shall serve as the lead site for continuing research and development of advanced nuclear fuel cycles and separation technologies.

   Inserted: (3) Site selection.--In selecting a site for the facility, the Secretary shall give preference to a site that has--

   Inserted: (A) the most technically sound bid;

   Inserted: (B) a demonstrated technical expertise in spent fuel recycling;

   Inserted: (C) proximity to existing and proposed nuclear reactors; and

   Inserted: (D) community support.

   Inserted: (c) Contracts.--The Secretary shall use amounts in the Nuclear Power Technology Fund, and such other amounts as are appropriated to carry out this section, to enter into long-term contracts with private sector entities for the recycling of spent nuclear fuel.

   Inserted: (d) Competitive Selection.--Contracts awarded under subsection (c) shall be awarded on the basis of a competitive bidding process that--

   Inserted: (1) maximizes the competitive efficiency of the projects funded;

   Inserted: (2) best serves the goal of reducing the amount of waste requiring disposal under this Act; and

   Inserted: (3) ensures adequate protection against the proliferation of nuclear materials that could be used in the manufacture of nuclear weapons.

   Inserted: (e) Regulatory Authority.--Not later than 1 year after the date of enactment of this Act, the Nuclear Regulatory Commission, in collaboration with the Secretary of Energy, shall promulgate regulations for the licensing of facilities for recovery and use of spent nuclear fuel that provide reasonable assurance that licenses issued for that purpose will not be counter to the defense, security, and national interests of the United States.

   Inserted: SEC. 924. FINANCIAL INCENTIVES PROGRAM.

   Inserted: (a) In General.--For each fiscal year beginning on or after October 1, 2010, the Climate Change Technology Board established under section 431 shall competitively award financial incentives under this part in the following technology categories:

   Inserted: (1) The production of electricity from new nuclear power generation.

   Inserted: (2) Facility establishment or conversion by manufacturers and suppliers of nuclear power generation technology and qualifying components.

   Inserted: (b) Requirements.--

   Inserted: (1) In general.--The Climate Change Technology Board shall make awards under this section to--

   Inserted: (A) domestic producers of new nuclear power generation;

   Inserted: (B) manufacturers and suppliers of nuclear power generation technology and qualifying components; and

   Inserted: (2) Basis for awards.--The Climate Change Technology Board shall make awards under this section--

   Inserted: (A) in the case of producers of new nuclear power generation, based on the bid of each producer in terms of dollars per megawatt-hour of electricity generated;

   Inserted: (B) in the case of manufacturers and suppliers of nuclear power generation technology and qualifying components, based on the criteria described in section 926; and

   Inserted: (C) in the case of owners or operators of existing nuclear power generating facilities, based upon criteria described in section 926.

   Inserted: (3) Acceptance of bids.--In making awards under this subsection, the Climate Change Technology Board shall--

   Inserted: (A) solicit bids for reverse auction from appropriate producers, manufacturers, and suppliers, as determined by the Climate Change Technology Board; and

   Inserted: (B) award financial incentives to the producers, manufacturers, and suppliers that submit the lowest bids that meet the requirements established by the Climate Change Technology Board.

   Inserted: SEC. 925. FORMS OF AWARDS.

   Inserted: (a) Nuclear Power Generators.--

   Inserted: (1) In general.--An award for nuclear power generation under this part shall be in the form of a contract to provide a production payment for commercial service of the generation unit in an amount equal to the product obtained by multiplying--

   Inserted: (A) the amount bid by the producer of the nuclear power generation; and

   Inserted: (B) except as provided in paragraph (2), the net megawatt-hours generated by the nuclear power generation unit each year during the first 10 years following the end of the calendar year of the award.

   Inserted: (2) First year.--For purposes of paragraph (1)(B), the first year of commercial service of the generating unit shall be within 5 years of the end of the calendar year of the award.

   Inserted: (b) Manufacturing of Nuclear Power Generation Technology.--

   Inserted: (1) In general.--An award for facility establishment or conversion costs for nuclear power generation technology under this part shall be in an amount equal to not more than 30 percent of the cost of--

   Inserted: (A) establishing, reequipping, or expanding a manufacturing facility to produce--

   Inserted: (i) qualifying nuclear power generation technology; or

   Inserted: (ii) qualifying components;

   Inserted: (B) engineering integration costs of nuclear power generation technology and qualifying components; and

   Inserted: (C) property, machine tools, and other equipment acquired or constructed primarily to enable the recipient to test equipment necessary for the construction or operation of a nuclear power generation facility.

   Inserted: (2) Amount.--The Climate Change Technology Board shall use the amounts made available to carry out this section to make awards to entities for the manufacturing of nuclear power generation technology.

   Inserted: SEC. 926. SELECTION CRITERIA.

   Inserted: In making awards under this part to producers, manufacturers, and suppliers of nuclear power generation technology and qualifying components, the Climate Change Technology Board shall select producers, manufacturers, and suppliers that--

   Inserted: (1) document the greatest use of domestically-sourced parts and components;

   Inserted: (2) return to productive service existing idle manufacturing capacity;

   Inserted: (3) are located in States with the greatest availability of unemployed manufacturing workers;

   Inserted: (4) demonstrate a high probability of commercial success; and

   Inserted: (5) meet other appropriate criteria, as determined by the Climate Change Technology Board.

   Inserted: PART II--ACCELERATED DEPRECIATION

   Inserted: SEC. 931. 5-YEAR ACCELERATED DEPRECIATION PERIOD FOR NEW NUCLEAR POWER PLANTS.

   Inserted: (a) In General.--Subparagraph (B) of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking "and" at the end of clause (v), by striking the period at the end of clause (vi)(III) and inserting ", and", and by inserting after clause (vi) the following new clause:

   Inserted: "(vii) any advanced nuclear power facility (as defined in section 45J(d)(1), determined without regard to subparagraph (B) thereof) the original use of which commences with the taxpayer after December 31, 2008.".

   Inserted: (b) Conforming Amendment.--Section 168(e)(3)(E)(vii) of the Internal Revenue Code of 1986 is amended by inserting "and not described in subparagraph (B)(vii) of this paragraph" after "section 1245(a)(3)".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to property placed in service after December 31, 2008.

   Original wording

   At the end of title IX, insert the following:

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As printed