Congressman Pat Harrigan of North Carolina’s 10th District introduced the Nuclear Rate Stabilization Act on Apr. 23, a bipartisan bill aimed at fixing tax credit rules that have limited nuclear energy construction and prevented cost savings from reaching consumers. Congressman Jimmy Panetta of California co-leads the legislation.
The bill seeks to address concerns about rising energy costs and the need for reliable, low-emission power sources. Supporters say that updating existing tax credit regulations will help bring more nuclear reactors online and provide financial relief to consumers.
“We have the most powerful energy source on earth, zero emissions, reliable baseload power that can run for decades, and we are letting outdated accounting rules strangle it before it gets off the ground,” said Congressman Harrigan. “The Nuclear Rate Stabilization Act makes sure the tax credits Congress already passed actually reach the people they were meant to help, lowers costs for consumers, and gets more reactors built. Nuclear is the future of American energy dominance and it is past time our tax code reflected that.”
Congressman Panetta said, “Safe and secure nuclear energy has immense potential to slash emissions and lower energy costs for working families, but inefficient tax rules are blocking nuclear construction from reaching its full potential.” He added that their bipartisan bill would update the tax code so clean energy investment credits could be used more effectively in building new reactors.
Maria Korsnick, president and CEO of the Nuclear Energy Institute (NEI), said: “NEI applauds Representatives Harrigan and Panetta for introducing the Nuclear Rate Stabilization Act (NRSA). The bill strengthens existing energy tax credits to support the next generation of reliable, clean nuclear energy. By making nuclear investment tax credits more effective and improving affordability for customers, NRSA will help utilities move forward with new nuclear projects to meet growing energy demand. We urge Congress to act quickly to enact this legislation.”
Chris Colbert, Chairman and CEO of Elementl Power said: “The tax policy called for in the bipartisan Nuclear Rate Stabilization Act will help encourage further investment in the construction of new nuclear energy projects, accelerating the benefits these projects can deliver to our nation. Elementl Power looks forward to working with Congress and our partners to advance this legislation.”
Currently utilities constructing reactors are eligible for a clean energy investment credit covering between 30%–50% of project costs; however ITC normalization rules require spreading these benefits over forty years instead of providing immediate consumer relief. Additionally current law prevents transferability of certain project expenditure credits needed by utilities seeking capital investments.
According to available information on Ballotpedia, in 2024 Pat Harrigan won his general election against Ralph R. Scott Jr., receiving approximately 57 percent of votes.