Grid Resiliency Tax Credit Act

This bill creates a tax credit for investing in certain electric power transmission lines to improve grid resilience. It amends the Internal Revenue Code to add a new section 48F.

Sec. 3, Establishment of electric power transmission lines: This section establishes a tax credit equal to 30% of the qualified investment in qualifying electric power transmission line property placed in service. The property must be an overhead, submarine, or underground transmission line that crosses at least two states or 150 continuous miles, or crosses the Outer Continental Shelf. It also includes related transmission property. The credit applies to new transmission lines placed in service after enactment that meet certain purposes like enhancing resilience, addressing clearance concerns, facilitating interconnection, or addressing high load needs. It also covers modifications to existing lines that increase capacity by at least 500 megawatts. The credit expires for property beginning construction after December 31, 2033. The section also makes conforming amendments to other parts of the tax code and applies to property placed in service after December 31, 2023.