HF 2550

This bill establishes a framework to promote small modular nuclear reactor development in Iowa by creating the Iowa Small Modular Reactor Committee within the state's economic development authority. The committee will serve as the central coordinating body for small modular reactor projects, handling permitting, designating priority development zones, administering financial incentives including a 30% tax credit for qualified capital investments, and coordinating workforce and education initiatives. The legislation aims to position Iowa as a hub for small modular reactor technology by streamlining approval processes (requiring decisions within 180 days), enabling public-private partnerships, and allowing the committee to issue revenue bonds for qualified projects that involve reactor design, testing, fabrication, power generation, or related manufacturing activities.