§ 468A.
(c)
Income and deductions of the taxpayer
(1)
Inclusion of amounts distributed
There shall be includible in the gross income of the taxpayer for any taxable year—
(A)
any amount distributed from the Fund during such taxable year, other than any amount distributed to pay costs described in subsection (e)(4)(B), and
(B)
except to the extent provided in regulations, amounts properly includible in gross income in the case of any deemed distribution under subsection (e)(6), any termination under subsection (e)(7), or the disposition of any interest in the nuclear powerplant.
(2)
Deduction when economic performance occurs
(d)
Ruling amount
For purposes of this section—
(2)
Ruling amount
The term “ruling amount” means, with respect to any taxable year, the amount which the Secretary determines under paragraph (1) to be necessary to—
(A)
fund the total nuclear decommissioning costs with respect to such power plant over the estimated useful life of such power plant, and
(B)
prevent any excessive funding of such costs or the funding of such costs at a rate more rapid than level funding, taking into account such discount rates as the Secretary deems appropriate.
(e)
Nuclear Decommissioning Reserve Fund
(2)
Taxation of Fund
(A)
In general
There is hereby imposed on the gross income of the Fund for any taxable year a tax at the rate of 20 percent, except that—
(i)
there shall not be included in the gross income of the Fund any payment to the Fund with respect to which a deduction is allowable under subsection (a), and
(ii)
there shall be allowed as a deduction to the Fund any amount paid by the Fund which is described in paragraph (4)(B) (other than an amount paid to the taxpayer) and which would be deductible under this chapter for purposes of determining the taxable income of a corporation.
(B)
Tax in lieu of other taxation
(C)
Fund treated as corporation
For purposes of subtitle F—
(i)
the Fund shall be treated as if it were a corporation, and
(ii)
any tax imposed by this paragraph shall be treated as a tax imposed by section 11.
(3)
Contributions to Fund
(4)
Use of Fund
The Fund shall be used exclusively for—
(A)
satisfying, in whole or in part, any liability of any person contributing to the Fund for the decommissioning of a nuclear powerplant (or unit thereof),
(B)
to pay administrative costs (including taxes) and other incidental expenses of the Fund (including legal, accounting, actuarial, and trustee expenses) in connection with the operation of the Fund, and
(C)
to the extent that a portion of the Fund is not currently needed for purposes described in subparagraph (A) or (B), making investments.
(5)
Prohibitions against self-dealing
(6)
Disqualification of Fund
(7)
Termination upon completion
(f)
Transfers into qualified funds
(2)
Deduction for amounts transferred
(B)
Denial of deduction for previously deducted amounts
(C)
Transfers of qualified funds
If—
(i)
any transfer permitted by this subsection is made to any Fund to which this section applies, and
(ii)
such Fund is transferred thereafter,
any deduction under this subsection for taxable years ending after the date that such Fund is transferred shall be allowed to the transferor for the taxable year which includes such date.
(D)
Special rules
(i)
Gain or loss not recognized on transfers to Fund
(ii)
Transfers of appreciated property to Fund
(3)
New ruling amount required
(4)
No basis in qualified funds
(Added [Pub. L. 98–369, div. A, title I, § 91(c)(1)], July 18, 1984, [98 Stat. 604]; amended [Pub. L. 99–514, title XVIII, § 1807(a)(4)(A)(i)], (B)–(E)(vi), Oct. 22, 1986, [100 Stat. 2812], 2813; [Pub. L. 102–486, title XIX, § 1917(a)], (b), Oct. 24, 1992, [106 Stat. 3024], 3025; [Pub. L. 104–188, title I, § 1704(j)(6)], Aug. 20, 1996, [110 Stat. 1882]; [Pub. L. 109–58, title XIII, § 1310(a)]–(e), Aug. 8, 2005, [119 Stat. 1007–1009].)