This bill establishes sales and use tax exemptions for tangible personal property and specified digital products sold, as well as services provided in relation to the preparation, construction, maintenance, and restarting of nuclear electric generation facilities. The exemption applies to activities occurring before, during, or after these processes, specifically for facilities that commence or restart operations on or after January 1, 2028, and are licensed by the federal nuclear regulatory commission. However, the exemption does not extend to motor vehicles subject to registration, transactions lacking an exemption certificate from the facility, or any sales made prior to January 1, 2025.

Additionally, the bill mandates the Department of Revenue to issue guidance within ninety days regarding the documentation required for exemption qualification and the procedures for obtaining exemption certificates. It also allows the department to adopt rules to effectively administer these provisions. Notably, the bill includes a retroactive applicability clause, ensuring that the exemptions apply to qualifying transactions that occurred on or after January 1, 2025. The comprehensive definition of a nuclear electric generation facility encompasses various components, including reactors, storage systems, and safety equipment, thereby facilitating a broad range of tax relief for related activities.

Statutes affected:
Introduced: 423.3