AN ACT TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE KNOWN AS THE NUCLEAR ENERGY SUPPLY CHAIN INVESTMENT FUND FOR THE PURPOSE OF PROMOTING NUCLEAR DEVELOPMENT AND MANUFACTURING IN THE STATE; TO PROVIDE THAT MONIES IN THE FUND SHALL BE USED TO MAKE GRANTS TO SUPPORT NUCLEAR POWER-RELATED COMPANIES, WORKFORCE DEVELOPMENT PROGRAMS, AND SITE DEVELOPMENT ACROSS MISSISSIPPI; TO PROVIDE THAT THE FUND SHALL BE ADMINISTERED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY (MDA); TO REQUIRE THE MDA TO ESTABLISH A GRANT PROGRAM TO PROVIDE FUNDING THROUGH GRANTS TO COMPANIES FOR CERTAIN NUCLEAR POWER-RELATED PROJECTS; TO SPECIFY THE CRITERIA THAT THE MDA SHALL USE TO EVALUATE COMPANIES IN REVIEWING APPLICATIONS FOR GRANTS; TO PRESCRIBE THE ELIGIBLE EXPENSES FOR WHICH GRANTS FROM THE FUND MAY BE USED; TO PROVIDE THAT THE FUNDING FOR A PROJECT SHALL BE MADE IN THE FORM OF A REIMBURSEMENT GRANT FOR ELIGIBLE EXPENSES MADE BY A COMPANY; TO PROVIDE THAT IN ADDITION TO PROVIDING GRANTS FROM THE FUND, THE MDA SHALL WORK TOGETHER WITH COMPANIES AND THE DEPARTMENT OF REVENUE TO ENSURE THAT ALL AVAILABLE TAX CREDITS AND EXEMPTIONS THAT A PROJECT IS ELIGIBLE FOR UNDER MISSISSIPPI LAW ARE APPLIED TO THE COMPANY; AND FOR RELATED PURPOSES.
Impact
The fund will specifically allocate grants to companies engaged in nuclear power-related activities, such as manufacturing components for nuclear energy testing and developing advanced reactors. The Mississippi Development Authority (MDA) will oversee the fund, establishing criteria for evaluating companies seeking grants. This oversight aims to ensure that funds are directed towards projects that meaningfully contribute to the state's nuclear ecosystem.
Overall
This legislation reflects a strategic investment in nuclear energy as part of Mississippi's economic development plan. While it promises to bolster the state's nuclear manufacturing capabilities, the success of this initiative will largely depend on the effective administration of the fund and the engagement of the nuclear industry stakeholders.
Summary
House Bill 697 aims to establish the Nuclear Energy Supply Chain Investment Fund within the Mississippi state treasury. This fund is designed to facilitate the advancement of nuclear development and manufacturing in the state. It will consist of various funding sources, including state appropriations and federal funds, with the intent to support nuclear power-related enterprises, workforce initiatives, and site development throughout Mississippi.
Contention
A significant aspect of the bill will be the requirements for grant eligibility, which include factors such as job creation, capital investment, and the average wages provided by the projects. The MDA will also be responsible for collaborating with companies to maximize the use of tax credits and exemptions under Mississippi law, potentially creating a more favorable investment climate for the nuclear industry.