S. 448

119 S448 IS: Credit Incentives for Resilient Critical Utility Infrastructure and Transformers Act
 U.S. Senate
 2025-02-06
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 448  IN THE SENATE OF THE UNITED STATES   February 6 (legislative day, February 5), 2025   Mr. Moran  (for himself and  Ms. Cortez Masto ) introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
To amend the Internal Revenue Code of 1986 to expand the advanced manufacturing production credit to include distribution transformers.
1.
Short title
This Act may be cited as the   Credit Incentives for Resilient Critical Utility Infrastructure and Transformers Act   or the   CIRCUIT Act  .
2.
Expansion of advanced manufacturing production credit to include distribution transformers
(a)
In general
 Section 45X  of the Internal Revenue Code of 1986 is amended—
(1)
in subsection (b)(1)—
(A)
in subparagraph (L)(ii), by striking  and  at the end,
(B)
in subparagraph (M), by striking the period at the end and inserting  , and , and
(C)
by adding at the end the following new subparagraph:
(N)
in the case of any distribution transformer, an amount equal to 10 percent of the costs incurred by the taxpayer with respect to production of such transformer.
 , and
(2)
in subsection (c)—
(A)
in paragraph (1)(A)—
(i)
in clause (iv), by striking  and  at the end,
(ii)
in clause (v), by striking the period at the end and inserting  , and , and
(iii)
by adding at the end the following new clause:
(vi)
any distribution transformer.
 , and
(B)
by adding at the end the following new paragraph:
(7)
Distribution transformer
The term  distribution transformer  has the same meaning given such term under section 321(35) of the Energy Policy and Conservation Act ( 42 U.S.C. 6291(35) ).
 .
(b)
Effective date
The amendments made by this section shall apply to components produced and sold after the date which is 90 days after the date of enactment of this Act.