Nuclear Energy Supply Chain Investment Fund; create to provide grants to support nuclear power-related companies.

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To: Energy; Appropriations A
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Steverson

HOUSE BILL NO. 697

AN ACT TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE 1
KNOWN AS THE NUCLEAR ENERGY SUPPLY CHAIN INVESTMENT FUND FOR THE 2
PURPOSE OF PROMOTING NUCLEAR DEVELOPMENT AND MANUFACTURING IN THE 3
STATE; TO PROVIDE THAT MONIES IN THE FUND SHALL BE USED TO MAKE 4
GRANTS TO SUPPORT NUCLEAR POWER-RELATED COMPANIES, WORKFORCE 5
DEVELOPMENT PROGRAMS, AND SITE DEVELOPMENT ACROSS MISSISSIPPI; TO 6
PROVIDE THAT THE FUND SHALL BE ADMINISTERED BY THE MISSISSIPPI 7
DEVELOPMENT AUTHORITY (MDA); TO REQUIRE THE MDA TO ESTABLISH A 8
GRANT PROGRAM TO PROVIDE FUNDING THROUGH GRANTS TO COMPANIES FOR 9
CERTAIN NUCLEAR POWER-RELATED PROJECTS; TO SPECIFY THE CRITERIA 10
THAT THE MDA SHALL USE TO EVALUATE COMPANIES IN REVIEWING 11
APPLICATIONS FOR GRANTS; TO PRESCRIBE THE ELIGIBLE EXPENSES FOR 12
WHICH GRANTS FROM THE FUND MAY BE USED; TO PROVIDE THAT THE 13
FUNDING FOR A PROJECT SHALL BE MADE IN THE FORM OF A REIMBURSEMENT 14
GRANT FOR ELIGIBLE EXPENSES MADE BY A COMPANY; TO PROVIDE THAT IN 15
ADDITION TO PROVIDING GRANTS FROM THE FUND, THE MDA SHALL WORK 16
TOGETHER WITH COMPANIES AND THE DEPARTMENT OF REVENUE TO ENSURE 17
THAT ALL AVAILABLE TAX CREDITS AND EXEMPTIONS THAT A PROJECT IS 18
ELIGIBLE FOR UNDER MISSISSIPPI LAW ARE APPLIED TO THE COMPANY; AND 19
FOR RELATED PURPOSES. 20
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 21
SECTION 1. (1) There is created in the State Treasury a 22
special fund to be known as the Nuclear Energy Supply Chain 23
Investment Fund for the purpose of promoting nuclear development 24
and manufacturing in the state. The fund shall consist of monies 25
appropriated or otherwise made available by the Legislature in any 26
manner and federal funds and other public or private funds from 27
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any other source designated for deposit into the fund. Unexpended 28
amounts remaining in the fund at the end of a fiscal year shall 29
not lapse into the State General Fund, and any interest earned or 30
investment earnings on amounts in the fund shall be deposited to 31
the credit of the fund. 32
(2) Monies in the fund shall be used to make grants to 33
support nuclear power-related companies, workforce development 34
programs, and site development across Mississippi. The fund shall 35
be administered by the Mississippi Development Authority (MDA), 36
which shall expend monies in the fund, upon appropriation by the 37
Legislature, for the grant program established under this section. 38
(3) The MDA shall establish a grant program to provide 39
funding through grants to companies for projects that: 40
(a) Manufacture components for nuclear energy testing 41
and future nuclear power generation; 42
(b) Design, develop, and build small modular reactors 43
and advanced reactors; 44
(c) Research and test new technology in nuclear fission 45
and fusion; 46
(d) Store and transport elements of the nuclear life 47
cycle; or 48
(e) Otherwise expand or strengthen the state's nuclear 49
development and manufacturing ecosystem, as determined by the MDA. 50
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(4) In reviewing applications for grants, the MDA shall 51
evaluate each company on a case-by-case basis using the following 52
criteria: 53
(a) The company's mission and what it will be producing 54
to expand Mississippi's nuclear ecosystem; 55
(b) The number of jobs that the company will create; 56
(c) The amount of capital investment that the company 57
will make; and 58
(d) The average employee wage that the project will 59
provide. 60
(5) Grants from the fund may be used for eligible expenses 61
of the recipient, which are limited to property improvements, 62
building construction, and other costs associated with real 63
property investment. The funding for a project shall be made in 64
the form of a reimbursement grant. After a contract for the 65
project has been executed, a company that has been approved for a 66
grant may begin submitting receipts to the MDA for reimbursement 67
as soon as costs are incurred for eligible expenses. 68
(6) In addition to providing grants from the fund, the MDA 69
shall work together with companies and the Department of Revenue 70
to ensure that all available tax credits and exemptions that a 71
project is eligible for under Mississippi law are applied to the 72
company. 73
(6) The MDA shall have all powers necessary to implement and 74
administer the grant program established under this section, and 75
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ST: Nuclear Energy Supply Chain Investment
Fund; create to provide grants to support
nuclear power-related companies.
it shall promulgate rules and regulations, in accordance with the 76
Mississippi Administrative Procedures Law, necessary for the 77
implementation of this section. 78
(7) The MDA shall file an annual report with the Governor, 79
the Secretary of the Senate and the Clerk of the House of 80
Representatives not later than December 1 of each year, describing 81
all grants provided under this section. 82
SECTION 2. This act shall take effect and be in force from 83
and after July 1, 2026. 84