Senate Bill 637 proposes a sales and use tax exemption for tangible personal property sold to construction contractors for use in nuclear energy facilities in Wisconsin. The bill defines a nuclear energy facility as electric generating equipment and associated facilities that produce electricity from nuclear power. To qualify for the exemption, contractors must be certified by the Wisconsin Economic Development Corporation, with certifications lasting five years unless the facility receives an operating reactor license from the federal Nuclear Regulatory Commission, which would terminate the certification.

Additionally, the bill introduces an income and franchise tax credit for electric public utilities, cooperatives, municipal electric companies, and qualified wholesale electric companies. This credit is based on wages paid to full-time employees and capital expenditures related to the construction and operation of nuclear energy facilities, excluding land acquisition costs. The bill also specifies that partnerships, limited liability companies, and tax-option corporations cannot claim the credit directly, but their partners or shareholders may claim it based on their ownership interests. The bill includes several amendments to existing statutes to incorporate these new provisions.