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To amend the Internal Revenue Code of 1986 to expand the advanced manufacturing production credit to include distribution transformers.
Summary
This bill expands the federal advanced manufacturing production credit to include distribution transformers—electrical equipment used in utility infrastructure. Manufacturers producing distribution transformers would be eligible for a 10 percent tax credit on production costs, beginning 90 days after enactment. The bill uses the existing Energy Policy and Conservation Act definition for distribution transformers to determine eligibility. This is a tax incentive aimed at supporting domestic transformer manufacturing.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Moran, Jerry [R-KS] (R-KS)
1 cosponsor
Actions (2)
- Feb 6, 2025 Read twice and referred to the Committee on Finance. · senate
- Feb 6, 2025 Introduced in Senate
Similar bills (6)
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Full text
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Credit Incentives for Resilient Critical Utility Infrastructure and Transformers Act” or the “CIRCUIT Act”.
SEC. 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. <all>
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