Modifications of Zero-Emission Nuclear Power Production Credit
Section 70510 · Sec. 70510 ·
What this chapter is about
This part blocks a nuclear power credit for some foreign linked firms. A named foreign body is blocked at once. A foreign influenced body is blocked after two years.
The document says “shall not”Who acts: Secretary of the TreasuryHow: statuteSec. 70510 in the PDF
What the document says
“No credit shall be determined under subsection (a) for any taxable year beginning after the date of enactment of this paragraph if the taxpayer is a specified foreign entity (as defined in section 7701(a)(51)(B)).”
The section adds a new paragraph (3) to section 45U(c) of the Internal Revenue Code of 1986 barring the credit for a taxable year beginning after enactment where the taxpayer is a specified foreign entity as defined in section 7701(a)(51)(B), and for a taxable year beginning more than two years after enactment where the taxpayer is a foreign-influenced entity as defined in section 7701(a)(51)(D) read without clause (i)(II).
What the document actually says
“No credit shall be determined under subsection (a) for any taxable year beginning after the date of enactment of this paragraph if the taxpayer is a specified foreign entity (as defined in section 7701(a)(51)(B)).”
That sentence, in plain words
No credit is given to a named foreign body. That holds for tax years starting after this law.
What this is about
A second bar covers a foreign influenced body. That one starts two years later. Both terms come from the tax code.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall apply”Who acts: Secretary of the TreasuryHow: statuteSec. 70510 in the PDF
What the document says
“The amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act.”
The section applies its amendments to taxable years beginning after the date of enactment.
What the document actually says
“The amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act.”
That sentence, in plain words
The changes start with tax years that begin after this law passed. Older years are left out.
What this is about
The old rules still hold for them. The date is the day this law passed. It is fixed in the law.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Both things the section does: bar the credit for a specified foreign entity and for a foreign-influenced entity, and fix the effective date.
Nothing in the section is left out. It has two subsections and each is recorded.
The section works by amending section 45U(c) of the Internal Revenue Code of 1986 and takes both defined terms from section 7701(a)(51) of that Code, which is not indexed here.
