The bill amends the Income Tax Act of 1967 by adding a new section, Sec. 678, which establishes a tax credit for taxpayers who produce electricity using small modular reactors, extended power uprates, or stretch power uprates at qualified facilities. The credit is calculated at $1.00 per kilowatt hour of electricity produced and sold to unrelated persons, applicable for the first ten years of operation after the facility is placed in service. Taxpayers can claim this credit for up to 10,000 megawatt hours of electricity produced, and any excess credit beyond the taxpayer's tax liability can be carried forward for up to 15 years.

Additionally, the bill defines key terms related to advanced nuclear reactor technologies and outlines the eligibility criteria for claiming the credit. It specifies that the Department may require documentation to support the facility's eligibility and the amount of electricity produced. The enactment of this bill is contingent upon the passage of several other related bills in the 103rd Legislature.

Statutes affected:
Substitute (H-2): 206.1, 206.847
Substitute (H-3): 206.1, 206.847
House Introduced Bill: 206.1, 206.847
As Passed by the House: 206.1, 206.847