Reverse Big Ugly Tax Breaks for Data Centers Act

(I) Exception for qualified data center property

(i) In general. The term qualified property shall not include any qualified data center property.

(ii) Qualified data center property. For purposes of this subparagraph, the term qualified data center property means any property which—

(I) is used in a covered data center, or

(II) is located outside of a covered data center but dedicated to the operation of such data center.

(iii) Covered data center. For purposes of this subparagraph, the term covered data center means a permanent or semipermanent structure, or group of such structures, which—

(I) has a maximum rated power capacity or total peak power load in excess of 50 megawatts, and

(II) is dedicated to the centralized accommodation, interconnection, and operation of information technology and network telecommunications equipment used for—

(aa) data storage, processing, and transport services, or

(bb) developing, providing training in, or operating artificial intelligence.

(iv) Artificial intelligence. For purposes of this subparagraph, the term artificial intelligence has the meaning given such term in section 5002 of the National Artificial Intelligence Initiative Act of 2020.

(iv) Exclusion. The term qualified opportunity zone business property shall not include any covered data center (as defined in clause (iii) of section 168(k)(2)(I)) or any qualified data center property (as defined in clause (ii) of such section).