Electric Power Infrastructure Improvement Act
This bill allows a tax credit through 2031 for investment in a qualifying electric power transmission line property. The bill defines qualifying electric power transmission line property as (1) any overhead, submarine, or underground transmission facility that is capable of transmitting electricity at a voltage of not less than 275 kilovolts, has a transmission capacity of not less than 500 megawatts, is an alternating current or direct current transmission line, and delivers power produced in either a rural area or offshore; and (2) conductors or cables, or other specified equipment, necessary for the proper operation of the facility.
To amend the Internal Revenue Code of 1986 to establish a tax credit 
for installation of regionally significant electric power transmission 
                                 lines.

    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 ``Electric Power Infrastructure 
Improvement Act''.

SEC. 2. ESTABLISHMENT OF ELECTRIC POWER TRANSMISSION LINES.

    (a) In General.--Subpart E of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by inserting after 
section 48C the following new section:

``SEC. 48D. QUALIFYING ELECTRIC POWER TRANSMISSION LINE CREDIT.

    ``(a) Allowance of Credit.--For purposes of section 46, the 
qualifying electric power transmission line credit for any taxable year 
is an amount equal to 30 percent of the qualified investment for such 
taxable year with respect to any qualifying electric power transmission 
line property of the taxpayer.
    ``(b) Qualifying Investment.--
            ``(1) In general.--For purposes of subsection (a), the 
        qualified investment for any taxable year is the basis of any 
        qualifying electric power transmission line property placed in 
        service by the taxpayer during such taxable year.
            ``(2) Certain qualified progress expenditures rules made 
        applicable.--Rules similar to the rules of subsections (c)(4) 
        and (d) of section 46 (as in effect on the day before the 
        enactment of the Revenue Reconciliation Act of 1990) shall 
        apply for purposes of this section.
    ``(c) Qualifying Electric Power Transmission Line Property.--The 
term `qualifying electric power transmission line property' means--
            ``(1) any overhead, submarine, or underground transmission 
        facility which--
                    ``(A) is capable of transmitting electricity at a 
                voltage of not less than 275 kilovolts,
                    ``(B) has a transmission capacity of not less than 
                500 megawatts,
                    ``(C) is an alternating current or direct current 
                transmission line, and
                    ``(D) delivers power produced in either a rural 
                area or offshore, and
            ``(2) any conductors or cables, towers, insulators, 
        reactors, capacitors, circuit breakers, static VAR 
        compensators, static synchronous compensators, power 
        converters, transformers, synchronous condensers, braking 
        resistors, and any ancillary facilities and equipment necessary 
        for the proper operation of the facility described in paragraph 
        (1).
    ``(d) Termination.--This section shall not apply to any property 
placed in service after December 31, 2031.''.
    (b) Conforming Amendments.--
            (1) Section 46 of the Internal Revenue Code of 1986 is 
        amended--
                    (A) by striking ``and'' at the end of paragraph 
                (5),
                    (B) by striking the period at the end of paragraph 
                (6) and inserting ``, and'', and
                    (C) by adding at the end the following new 
                paragraph:
            ``(7) the qualifying electric power transmission line 
        credit.''.
            (2) Section 49(a)(1)(C) of such Code is amended--
                    (A) by striking ``and'' at the end of clause (iv),
                    (B) by striking the period at the end of clause (v) 
                and inserting ``, and'', and
                    (C) by adding at the end the following new clause:
                            ``(vi) the basis of any qualifying electric 
                        power transmission line property under section 
                        48D.''.
            (3) The table of sections for subpart E of part IV of 
        subchapter A of chapter 1 of such Code is amended by inserting 
        after the item relating to section 48C the following new item:

``Sec. 48D. Qualifying electric power transmission line credit.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2021.
                                 <all>
Electric Power Infrastructure Improvement Act
To amend the Internal Revenue Code of 1986 to establish a tax credit for installation of regionally significant electric power transmission lines.
Electric Power Infrastructure Improvement Act
Rep. Horsford, Steven