Bill > SB2721

This bill creates a tax credit and tax exemption program to incentivize the manufacture and development of small modular nuclear reactors in Illinois. Specifically, for taxable years beginning on or after January 1, 2026, the bill provides a 20% tax credit for taxpayers who invest in the manufacture of small modular nuclear reactors within the state. The credit can reduce a taxpayer's tax liability and any excess credit can be carried forward for up to 5 years. A small modular nuclear reactor is defined as a nuclear reactor with a rated electric generating capacity of not more than 470 megawatts, capable of being constructed alone or in combination with similar reactors at a single site, and required to be licensed by the United States Nuclear Regulatory Commission. The bill also adds exemptions to various state tax acts, including the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act, to provide tax relief for tangible personal property purchased for use in the construction or operation of these small modular nuclear reactors starting January 1, 2027. The bill aims to promote the development of advanced nuclear energy technology in Illinois by offering financial incentives to manufacturers and investors.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=2721&GAID=18&DocTypeID=SB&SessionID=114&GA=104