The Inflation Reduction Act (“IRA”) created new incentives for the generation of electricity from nuclear power plants, supplementing incentive provisions that are currently in place. The primary changes are (i) the adoption of a new 8-year production tax credit (“PTC”) for certain existing nuclear power plants, and (ii) enabling nuclear facilities to qualify under the new technology-neutral zero-emission PTC and investment tax credit (“ITC”) regime that will apply beginning in 2025. Some of the other incentives adopted by the IRA may also support the nuclear industry.
The advanced nuclear production tax credit (“Advanced Nuclear PTC”) under Code Section 45J of the Internal Revenue Code (the “Code”), created in the Energy Policy Act of 2005 (the “Energy Policy Act”), provides a 1.8 cents per megawatt-hour (“mWh”) tax credit for the first 8 years an “advanced nuclear power facility” is placed in service and sold to an unrelated person, provided that the plant had not begun construction when the Energy Policy Act was signed into law.
An “advanced nuclear power facility” for purposes of the Advanced Nuclear PTC is any facility owned by the taxpayer which uses nuclear energy to produce electricity and was placed in service after August 8, 2005 and before January 1, 2021.
The Bipartisan Infrastructure Law (“BIL”), enacted in 2021, also provides nuclear credit incentives. Specifically, the Civil Nuclear Credit Program (“CNCP”) created under the...
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