Relating to small nuclear reactors, including the establishment of the Iowa modular reactor committee within the economic development authority, financial incentives, and the potential establishment of related education programs and including effective date provisions

Failure to deny or accept an application for a qualified project within the time limit shall constitute conditional approval of the application subject to safety conditions. The committee may designate pre-certified small modular reactor sites as permitted by federal law, and may issue revenue bonds to qualified projects. The bill defines “qualified project” as a small modular reactor project that involves small modular reactor design, licensing, or testing, fabrication or assembly, fuel handling, storage, or recycling technology, power generation facilities, industrial heat or hydrogen production coupled to small modular reactors, and related supply chain manufacturing certified or certifiable under nuclear quality standards. The bill defines “small modular reactor” as a nuclear fission reactor that is designed for factory fabrication and modular deployment, and licensed or licensable by the United States nuclear regulatory commission. The bill details tax incentives for qualified projects, including a research and development tax credit, a tax credit for the moneys and credits tax, supplemental new jobs credit from withholding, refund of the sales and use taxes, and property tax exemption. The bill prohibits a local government from imposing requirements on qualified projects that are inconsistent with or more restrictive than provided by state for federal law, except for generally applicable zoning standards that are not specifically targeted at nuclear facilities. Under the bill, the economic development authority, in partnership with the Iowa finance authority, shall establish and administer a loan guarantee program to encourage qualified small modular reactor facilities to invest in qualified projects in the state, as detailed in the bill. The authority shall maximize the use of federal tax credits, grants, and defense programs for purposes of the bill. The authority shall adopt rules to administer and enforce the bill. The bill requires the state board of regents to conduct a study regarding the feasibility of creating a nuclear engineering and small modular reactor operations track at institutions, including the costs and resources necessary to create and administer such track, and shall include the study findings in a report submitted to the general assembly on or before January 1, 2027. The board of education shall conduct a study regarding the feasibility of creating a certificate program in nuclear technology, welding, and controls, including the costs and resources necessary to create and administer such certificate program, and shall include the study findings in a report submitted to the general assembly on or before January 1, 2027. The state board of regents shall conduct a study regarding the feasibility of establishing a small modular reactor research hub at the Iowa state university of science and technology, including the costs and resources necessary, and shall include the study findings in a report submitted to the general assembly on or before January 1, 2027. The bill takes effect upon enactment.