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fuel racks before it received authorization to expend funds on
these items. We find that petitioner began construction of the
spent fuel racks at Turkey Point Unit 4 after December 31, 1985.
Accordingly, we hold that petitioner is not entitled to an
ITC under TRA section 203(b)(1)(B) for the spent fuel racks at
St. Lucie Unit 1 and Turkey Point Unit 4 because petitioner did
not incur or commit the lesser of $1 million or 5 percent of the
cost of the property by December 31, 1985, and petitioner did not
begin construction until after December 31, 1985.
E. TRA Section 203(b)(1)(C)--“Plant Facility Rule”
In affording relief from the ITC repeal, section 49(e)
incorporates the transitional rule provided in TRA section
203(b)(1)(C), known as the equipped building/plant facility rule.
Specifically, TRA section 203(b)(1)(C) provides:
(1) In general.–- The amendments made by section
201 shall not apply to--
* * * * * * *
(C) an equipped building or plant
facility if construction has commenced as of
[December 31, 1985] March 1, 1986,[128]
pursuant to a written specific plan and more
than one-half of the cost of such equipped
building or facility has been incurred or
committed by such date.
TRA section 203(b)(4) defines “plant facility” as follows:
(4) Plant facility.--For purposes of paragraph
(1), the term “plant facility” means a facility which
128 See supra note 99.
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