Section 1 Short title
This Act may be cited as the “Nuclear USA Act of 2024”.
Nuclear USA Act of 2024
A BILL
To amend the Internal Revenue Code of 1986 to make the re-equipping, expansion, or establishment of certain facilities relating to the production or reprocessing of critical minerals, including uranium and spent nuclear fuel, to include uranium as an applicable critical mineral for purposes of the advanced manufacturing production credit, and for other purposes.
Sec. 2 Uranium conversion, uranium enrichment and reprocessing spent nuclear fuel included as qualifying advanced energy project
In general— Section 48C(c)(1)(A)(iii) of the Internal Revenue Code of 1986 is amended to read as follows:
“(iii) which re-equips, expands, or establishes an industrial facility for—
“(I) the processing, refining, or reprocessing of critical materials,
“(II) the production, conversion, or enrichment of uranium,
“(III) the fabrication of nuclear fuel, or
“(IV) the reprocessing of spent nuclear fuel.”
critical material defined— Section 48C(c) is amended by adding at the end the following new paragraph:
“(3) Critical material—For purposes of this paragraph, the term “critical material” means—
“(A) a critical material (as defined in section 7002(a) of the Energy Act of 2020), and
“(B) uranium, including natural, converted, and enriched uranium.”
Effective date— The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.
Sec. 3 Uranium as applicable critical mineral for purposes of advanced manufacturing production credit
In general— Section 45X(c)(6) of the Internal Revenue Code of 1986 is amended by redesignating subparagraphs (X) through (Z) as subparagraphs (Y) through (AA), respectively, and by inserting after subparagraph (W) the following new subparagraph:
“(X) Uranium.”
Allow double benefit— Section 45X(c)(1)(B) of such Code is amended by inserting “after the date which is 10 years after the date of the enactment of the Nuclear USA Act of 2024” after “a facility”.
Effective date— The amendments made by this section shall apply to components produced after the date of the enactment of this Act.