Exelon applauds U.S. Rep. Darin LaHood, U.S. Rep. Cheri Bustos, and seven other bipartisan members of the House for introducing the Nuclear Powers America Act. This nuclear investment tax credit legislation will support more than $10 billion in annual investments and 475,000 good-paying jobs to keep our nation’s largest source of emissions-free power operating safely and reliability, and will level the playing field by giving nuclear energy the same benefits similar to those already received by solar, wind, geothermal and other forms of clean energy.
Background on the Nuclear Powers America Act:
The nuclear industry invests more than $10 billion a year to replace, restore and add the latest technologies to nuclear facilities. Modeled after a similar tax credit for solar, the nuclear investment tax credit (ITC) would allow owners of nuclear plants to earn a tax credit for investments they make to continuously repower their plants and keep them operating safely.
- The nuclear industry provides more than 475,000 American jobs. Each of the nation’s nuclear reactors employs between 400 and 700 workers at wages that are an average of 36 percent higher than the prevailing local salary rate.
- Nuclear plants contribute nearly $60 billion annually to America’s GDP; $12 billion each year in local, state and federal tax revenues; and nearly $45 billion worth of electricity.
- Unlike other clean energy sources, nuclear currently receives no such benefit, even though it accounts for more than 60 percent of the nation’s emissions-free power. This proposal would help level the playing field with other clean energy sources.