119-S448

Bill is currently in: Senate
Path to Law
House Senate President

119th CONGRESS

1st Session

S. 448

1. Short title
2. Expansion of 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.

(2) Distribution transformer - 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.

(B) Distribution transformer - 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.