Bill > S448

This bill, known as the "CIRCUIT Act" (Credit Incentives for Resilient Critical Utility Infrastructure and Transformers Act), amends the Internal Revenue Code to expand the advanced manufacturing production credit to include distribution transformers. Specifically, the bill creates a new tax credit for manufacturers of distribution transformers, which will provide a credit equal to 10 percent of the production costs for these electrical devices. A distribution transformer is a type of electrical transformer used to convert high-voltage electricity from transmission lines to lower voltages suitable for residential and commercial use. The bill defines distribution transformers by referencing the definition in the Energy Policy and Conservation Act. The tax credit amendments will take effect 90 days after the bill's enactment, applying to distribution transformers produced and sold after that date. This legislation aims to incentivize domestic manufacturing of critical electrical infrastructure components by providing a financial benefit to manufacturers who produce distribution transformers in the United States.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/448/all-info