50(d) of the Internal Revenue Code is amended— (1) by striking (as defined in section 48(c)(6)) and inserting (as defined in section 48(c)(6), except that subparagraph (D) of such section shall not apply) or any qualifying electric power transmission line property (as defined by section 48F(c)) , and (2) in subparagraph (B)— (A) by inserting or qualifying electric power transmission line property after each energy storage technology , and (B) by inserting or the qualifying electric power transmission line property after the energy storage technology . (c) Transfer of certain credits Section 6418(f)(1)(A) of the Internal Revenue Code of 1986 is amended by adding at the end the following: (xii) The qualifying electric power transmission line credit under section 48F. . (d) Conforming amendments (1) Section 46 of the Internal Revenue Code of 1986 is amended— (A) in paragraph (5), by striking and at the end, (B) in paragraph (6), by striking the period at the end and inserting , and , and (C) by adding at the end the following: (7) the qualifying electric power transmission line credit. . (2) Section 49(a)(1)(C) of such Code is amended— (A) in clause (v), by striking and at the end, (B) in clause (vi), by striking the period at the end and inserting , and , and (C) by adding at the end the following: (vii) the basis of any qualifying electric power transmission line property under section 48F. . (3) The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48E the following new item: Sec. 48F. Qualifying electric power transmission line credit. . (e) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2023. II Improvement of Governance and Efficiency of the Grid 201. Authorization to establish FERC Office of Electricity Transmission Part III of the Federal Power Act ( 16 U.S.C. 825 et seq. ) is amended by inserting after section 317 the following: 318. Office of