ARC Act of 2024

The ARC Act of 2024 establishes a New Nuclear Investment Accelerator Program to support advanced nuclear energy projects by providing financial guarantees for cost overruns. It allocates $3.6 billion in existing funds (from the Infrastructure Investment and Jobs Act and other sources) to cover costs exceeding 120% of a project's base estimate, with a maximum payment of $1.2 billion per project. To qualify, projects must cost at least $2.5 billion and submit detailed plans including cost estimates, schedule risk analyses, and resource-loaded project schedules. The program requires quarterly oversight meetings between the Department of Energy and project stakeholders, with meeting minutes submitted to Congress. This legislation modifies tax credit provisions to exclude qualifying nuclear projects from certain limitations.