S.Amdt. 3151

1. Adds TITLE _--OTHER PROVISIONS at the end of the bill

   Adds a title

   In H.R. 3474 · Placed on Calendar Senate

   Passed the House of Representatives March 11, 2014.

   Inserted: TITLE _--OTHER PROVISIONS

   Inserted: SEC. _01. ALLOCATION OF CREDIT FOR PRODUCTION OF ADVANCED NUCLEAR POWER FACILITIES TO PRIVATE PARTNERS OF TAX-EXEMPT ENTITIES.

   Inserted: (a) In General.--Section 45J is amended--

   Inserted: (1) by redesignating subsection (e) as subsection (f), and

   Inserted: (2) by inserting after subsection (d) the following new subsection:

   Inserted: "(e) Special Rule for Public-private Partnerships.--

   Inserted: "(1) In general.--In the case of an advanced nuclear power facility which is owned by a public private partnership or co-owned by a qualified public entity and a non-public entity, any qualified public entity which is a member of such partnership or a co-owner of such facility may transfer such entity's allocation of the credit under subsection (a), or any portion thereof, to any non-public entity which is a member of such partnership or which is a co-owner of such facility, except that the aggregate allocations of such credit claimed by such non-public entity shall be subject to the limitations under subsections (b) and (c) and section 38.

   Inserted: "(2) Qualified public entity.--For purposes of this subsection, the term 'qualified public entity' means--

   Inserted: "(A) a Federal, State, or local government entity, or any political subdivision, agency, or instrumentality thereof,

   Inserted: "(B) a mutual or cooperative electric company described in section 501(c)(12) or section 1381(a)(2), or

   Inserted: "(C) a not-for-profit electric utility which has or had received a loan or loan guarantee under the Rural Electrification Act of 1936.

   Inserted: "(3) Verification of transfer of allocation.--A qualified public entity that makes a transfer under paragraph (1), and a nonpublic entity that receives an allocation under such a transfer, shall provide verification of such transfer in such manner and at such time as the Secretary shall prescribe.

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   Inserted: "(4) Treatment of transfer under private use rules.--For purposes of section 141(b)(1), any benefit derived by a non-public entity in connection with a transfer under paragraph (1) shall not be taken into account as a private business use.".

   Inserted: (b) Coordination With General Business Credit.--Subsection (c) of section 38 is amended by adding at the end the following new paragraph:

   Inserted: "(7) Special rule for credit for production from advanced nuclear power facilities.--

   Inserted: "(A) In general.--In the case of the credit for production from advanced nuclear power facilities determined under section 45J(a), paragraph (1) shall not apply with respect to any qualified public entity (as defined in section 45J(e)(2)) which transfers the entity's allocation of such credit to a non-public partner or a co-owner of such facility as provided in section 45J(e)(1).

   Inserted: "(B) Verification of transfer.--Subparagraph (A) shall not apply to any qualified public entity unless such entity provides verification of a transfer of credit allocation as required under section 45J(e)(3).".

   Inserted: (c) Special Rule for Proceeds of Transfers for Mutual or Cooperative Electric Companies.--Section 501(c)(12) is amended by adding at the end the following new subparagraph:

   Inserted: "(I) In the case of a mutual or cooperative electric company described in this paragraph or an organization described in section 1381(a)(2), income received or accrued from a transfer described in section 45J(e)(1) shall be treated as an amount collected from members for the sole purpose of meeting losses and expenses.".

   Inserted: (d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

   Original wording

   At the end, add the following:

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As printed