1. Short title This Act may be cited as the Electric Power Infrastructure Improvement Act . 2. Establishment of electric power transmission lines (a) In general Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48C the following new section: 48D. Qualifying electric power transmission line credit (a) Allowance of credit (1) In general For purposes of section 46, the qualifying electric power transmission line credit for any taxable year is an amount equal to the applicable percentage of the qualified investment for such taxable year with respect to any qualifying electric power transmission line property of the taxpayer. (2) Applicable percentage For purposes of paragraph (1), the applicable percentage shall be equal to— (A) in the case of any qualifying electric power transmission line property relating to an overhead transmission facility, 15 percent, and (B) in the case of any qualifying electric power transmission line property relating to an underground or submarine transmission facility, 25 percent. (b) Qualifying investment (1) In general For purposes of subsection (a), the qualified investment for any taxable year is the basis of any qualifying electric power transmission line property placed in service by the taxpayer during such taxable year. (2) Certain qualified progress expenditures rules made applicable Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. (c) Qualifying electric power transmission line property The term qualifying electric power transmission line property means— (1) any overhead, submarine, or underground transmission facility which— (A) is capable of transmitting electricity at a voltage of not less than 345 kilovolts, (B) has a transmission capacity of not less than 1,000 megawatts, (C) is an alternating current or direct current transmission line, and (D)