SB2721

SB2721 creates a tax credit for investments in small modular nuclear reactors in Illinois.

SB2721 amends the Illinois Income Tax Act to create a tax credit for taxpayers investing in the manufacture of small modular nuclear reactors in the state. The credit is 20% of the investment amount. The bill also exempts tangible personal property used in the construction or operation of these reactors from taxation under the Illinois Income Tax Act, Use Tax Act, Service Use Tax Act, and Service Occupation Tax Act. The credit is applicable for taxable years beginning on or after January 1, 2026.