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US Congress ready for a showdown over $billions in nuclear tax credits

Congress Gears Up For Showdown Over Billions In Nuclear Tax Credits, Daily Caller ANDREW FOLLETT Energy and Science Reporter 5 May 17 Congress did not include a provision extending tax credits for nuclear power in the $1.1 trillion spending bill intended to keep the government funded through September.

The lack of nuclear energy tax credits threaten the viability of two nuclear reactors being built in Georgia and South Carolina.

“The extension of the tax credit for advanced nuclear energy production is absolutely imperative to nuclear new build at Vogtle and VC Summer – and next-up U.S. nuclear projects, including SMRs, currently in the queue,” David Blee, executive director of the U.S. Nuclear Infrastructure Council (NIC), told The Daily Caller News Foundation. “Its urgency is even more so given challenges emanating from the Westinghouse Chapter 11 filing.”

Georgia and South Carolina lawmakers strongly supported extending the tax credit. Supporters claim congressional leadership is delaying the issue until lawmakers take up tax reform later this year.

Westinghouse’s March bankruptcy filing will likely delay the construction of the Vogtle and VC Summer reactors. South Carolina’s two Republican senators, Tom Scott and Lindsey Graham, were shocked when the federal tax credit was left out and have already introduced legislation extending the tax credit to 2025.

The Obama administration gave the developers of the Vogtle reactor in Georgia a $8.3 billion loan guarantee. Nuclear power supporters say taxpayers may be at risk of losing money if the Vogtle project falters.

Industry representatives think Scott’s legislation could save the Vogtle and VC Summer reactors……

“I’m not going to sit on the sidelines and watch the nuclear industry be destroyed,” Graham told Politico Wednesday. “For three years, we’ve been trying to get these tax credits extended…The reactors that are being built are very much at risk.”…http://dailycaller.com/2017/05/05/congress-gears-up-for-showdown-over-billions-in-nuclear-tax-credits/

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May 6, 2017 - Posted by | politics, USA

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