; and (C) enhance electric grid reliability. 3. 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 48E the following new section: 48F. Qualifying electric power transmission line credit (a) Allowance of credit For purposes of section 46, the qualifying electric power transmission line credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying electric power transmission line property of the taxpayer. (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 For purposes of this section, the term qualifying electric power transmission line property means any overhead, submarine, or underground property— (1) which is a qualifying electric power transmission line that transmits electricity— (A) across not less than 2 States or not less than 150 continuous miles, or (B) across the Outer Continental Shelf (as defined in section 2 of the Outer Continental Lands Act ( 43 U.S.C. 1331 )), or (2) which is related transmission property. (d) Qualifying electric power transmission line For purposes of this section— (1) In general The term qualifying electric power transmission line means any of the following: (A) New transmission property (i) In general Any electric power transmission line which is— (I) originally placed in service after the date of enactment of this section, (II) primarily used