Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I stand in strong support of H.R. 1551, a bill I have sponsored that modifies the advanced nuclear production tax credit. The nuclear production tax credit has been a vital incentive to jump- start a nuclear industry that has been dormant for almost 40 years. Unfortunately, due to overregulation, ambiguities in the law, and other unanticipated events, the first-in-a-generation nuclear plants that began construction because of this tax credit are in danger of being shut down midconstruction. Without certainty that these facilities will have full access to the allocation of their tax credits, it may be another 30 or 40 years before this country builds another cutting-edge nuclear facility. Thankfully, the legislation we are considering today provides these facilities the certainty they so desperately need to move forward. {time} 1630 Almost 12 years ago, Congress established the nuclear production tax credit as part of a broader package designed to ensure our energy independence. Not wanting to oversubsidize the nuclear industry, Congress set out to limit the credit in a number of ways, including a national production capacity that effectively capped the amount of this credit available. South Carolina and Georgia responded to this incentive, making large investments in nuclear facilities that represented the pinnacle of safety and innovation in the industry.…”