Section 1 Short title
This Act may be cited as the “Credit Incentives for Resilient Critical Utility Infrastructure and Transformers Act” or the “CIRCUIT Act”.
Credit Incentives for Resilient Critical Utility Infrastructure and Transformers Act
A BILL
To amend the Internal Revenue Code of 1986 to expand the advanced manufacturing production credit to include distribution transformers.
Sec. 2 Expansion of advanced manufacturing production credit to include distribution transformers
in subsection (b)(1)—
in subparagraph (L)(ii), by striking “and” at the end,
in subparagraph (M), by striking the period at the end and inserting “, and”, and
by adding at the end the following new subparagraph:
“(N) in the case of any distribution transformer, an amount equal to 10 percent of the costs incurred by the taxpayer with respect to production of such transformer.”
in subsection (c)—
in paragraph (1)(A)—
in clause (iv), by striking “and” at the end,
in clause (v), by striking the period at the end and inserting “, and”, and
by adding at the end the following new clause:
“(vi) any distribution transformer.”
by adding at the end the following new paragraph:
“(7) Distribution transformer—The term distribution transformer has the same meaning given such term under section 321(35) of the Energy Policy and Conservation Act (42 U.S.C. 6291(35)).”
Effective date— The amendments made by this section shall apply to components produced and sold after the date which is 90 days after the date of enactment of this Act.