Opportunities for Nuclear Energy Investment Act

This bill amends the Internal Revenue Code to expand the definition of energy communities for tax credits related to renewable electricity production and clean electricity investment, specifically to include nuclear communities, and to extend the advanced manufacturing production credit to distribution and large power transformers.

Sec. 2, Nuclear communities definition and applicability: This section adds a new definition of "nuclear communities" for advanced nuclear facilities. A nuclear community is a metropolitan or non-metropolitan statistical area that has or has had since 2009 at least 0.17% direct employment related to advanced nuclear power (including facility operation, research, fuel cycle activities, and component manufacturing) plus indirect or induced employment from planning, licensing, engineering, procurement, site preparation, construction, and commissioning of an advanced nuclear facility. It also provides that if construction of an advanced nuclear facility begins in an area that qualifies as an energy community under any clause, the facility is deemed located in an energy community for the entire 10-year period after it is first placed in service. The definition applies to the clean electricity investment credit as well. The amendments take effect as if included in specified sections of Public Law 119-21.

Sec. 3, Expansion of advanced manufacturing production credit to include distribution transformers and large power transformers: This section adds distribution transformers and large power transformers to the list of eligible components for the advanced manufacturing production credit. The credit amount is 10 percent of the taxpayer's production costs for such transformers. Distribution transformer is defined by reference to the Energy Policy and Conservation Act, and large power transformer is defined as a device transferring electrical energy between circuits within the bulk-power system. The amendments apply to components produced and sold after 90 days after enactment.