Grid Resiliency Tax Credit

This bill creates a tax credit for building certain electric power transmission lines. It adds a new section to the tax code that gives a 30% credit for investments in qualifying transmission line property.

Sec. 3, Establishment of electric power transmission lines: The bill creates a new tax credit equal to 30% of the investment in qualifying electric power transmission line property placed in service during the tax year. Qualifying property includes overhead, submarine, or underground lines that cross at least two states or 150 continuous miles, or cross the Outer Continental Shelf. New transmission lines must be placed in service after the bill's enactment, used for purposes like enhancing resilience to weather events, addressing clearance concerns, facilitating generation interconnection, or addressing high load needs. They must also meet certain voltage and capacity requirements, such as using advanced conductors at 100 kilovolts or more, or operating at 345 kilovolts or more with at least 750 megawatts capacity. Modifications to existing lines that increase capacity by at least 500 megawatts also qualify. Related transmission property includes generator interconnection tie lines, network upgrades, grid enhancing technology, and subcomponents like conductors, towers, and transformers. The credit expires for property beginning construction after December 31, 2033.