Small nuclear reactor projects would qualify for Illinois tax breaks

Taxpayers would qualify for an income tax credit worth 20% of their investment. Investments must fund reactor manufacturing in Illinois. Each reactor must be rated at 470 megawatts or less and require a U.S. Nuclear Regulatory Commission license. Reactors must be capable of being built and operated alone or with similar reactors at one site as needed. The credit could not reduce taxes owed below zero. Unused credit could cover taxes owed in the next five tax years, using the earliest available year and older credits first.

Illinois would exempt covered goods from sales and use taxes under four state laws. The exemptions would cover goods purchased to build or operate small modular nuclear reactors in Illinois. Each reactor must be rated at 470 megawatts or less and require a U.S. Nuclear Regulatory Commission license. Reactors must be capable of being built and operated alone or with similar reactors at one site as needed.