the taxable year with respect to a qualifying nuclear power plant, which are properly chargeable to capital account, shall be treated as the basis of the qualified nuclear energy property placed in service for that taxable year. (ii) Placed in service For purposes of subsection (a), qualified nuclear energy property shall be treated as having been placed in service on the last day of the taxable year in which the taxpayer pays or incurs such amounts described in clause (i). (iii) Recapture The Secretary shall, by regulations, provide for recapturing the benefit of any credit allowable under subsection (a) to any qualifying nuclear power plant which made a certification pursuant to subparagraph (B) but does not file an application of license renewal to the Nuclear Regulatory Commission in accordance with part 54 of title 10, Code of Federal Regulations, before January 1, 2024. . (d) Phaseout of 30-Percent credit rate for nuclear energy property Section 48(a) of such Code is amended by adding at the end the following new paragraph: (7) Phaseout for qualified nuclear energy property In the case of qualified nuclear energy property, the energy percentage determined under paragraph (2) shall be equal to— (A) in the case of any property placed in service after December 31, 2021, and before January 1, 2023, 26 percent, and (B) in the case of any property placed in service after December 31, 2022, and before January 1, 2024, 22 percent. . (e) Coordination with credit for production from advanced nuclear power facilities The last sentence of section 48(a)(3) is amended by inserting or 45J after section 45 . (f) Transfer of credit by certain public entities (1) In general Section 48 of such Code is amended by adding at the end the following new subsection: (e) Special rule for qualified nuclear energy property (1) In general In the case of any qualified nuclear energy property, if, with respect to a credit under subsection (a) for any taxable year— (A) the taxpayer would be a qualified public entity, and (B) such entity