House com­mit­tee ad­vances nu­clear tax credit ex­ten­sion

The Washington Times Daily - - NATION - — Dou­glas Ernst

So much for weed­ing out spe­cial breaks in the tax code.

The House Ways and Means Com­mit­tee — Congress’ chief au­thor of tax laws — ad­vanced leg­is­la­tion Thurs­day that would ex­tend a tax credit for nu­clear power, say­ing fa­cil­i­ties in the works in the south­east­ern U.S. likely need the gov­ern­ment sub­sidy to get off the ground.

The tax-writ­ing panel cleared the leg­is­la­tion from Rep. Tom Rice by voice vote. Mr. Rice, South Carolina Repub­li­can, said the ex­ten­sion will pro­vide cer­tainty for new nu­clear re­ac­tors in the United States, and that 12,000 jobs in South Carolina and Ge­or­gia would be put in jeop­ardy with­out it.

But at a time when law­mak­ers say they are look­ing to flat­ten the tax code, the vote to con­tinue the carve-outs

sig­nals just how dif­fi­cult the GOP’s climb will be.

The Ways and Means Com­mit­tee is work­ing on a mas­sive over­haul de­signed to “flat­ten” the tax code, elim­i­nat­ing most spe­cial breaks in ex­change for lower mar­ginal rates on both cor­po­rate and in­di­vid­ual in­come.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.