This bill establishes the Iowa small modular reactor committee within the economic development authority to oversee the development of small modular reactors in the state. The committee is tasked with accepting and processing applications for qualified projects, which include various aspects of small modular reactor design, licensing, fabrication, and power generation. It is required to issue determinations on applications within 180 days, with conditional approvals if deadlines are not met. The bill also defines "qualified project" and "small modular reactor," and allows the committee to designate pre-certified sites and issue revenue bonds for these projects.

Additionally, the bill introduces financial incentives for qualified projects, including tax credits for capital investments, sales and use tax refunds, and property tax exemptions. It prohibits local governments from imposing more restrictive requirements than state or federal laws on these projects. The economic development authority, in partnership with the Iowa finance authority, will establish a loan guarantee program to support investments in qualified projects. The bill also mandates studies by the state board of regents and the department of education to explore educational programs related to nuclear engineering and small modular reactors, with findings due by January 1, 2027. The bill takes effect immediately upon enactment.

Statutes affected:
Introduced: 15.522