House committee advances nuclear tax credit extension
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.