S 235 New Jersey Senate · 2024-2025 Regular Session

Establishes tax credits and financial grant related to construction and operation of advanced nuclear energy facilities.

This bill creates tax credits for businesses manufacturing equipment for advanced nuclear reactors and establishes a state program to support new nuclear facility construction. Manufacturers of nuclear components can claim a 15% tax credit on eligible equipment purchases, with higher 25% credits available for businesses relocating to New Jersey or qualifying as minority-owned, women-owned, or veteran-owned. Developers seeking tax credits must demonstrate economic feasibility, locate projects at existing or decommissioned nuclear sites, meet environmental standards, and contribute at least 20% of project costs. The program, administered by the Economic Development Authority, requires developers to secure U.S. Nuclear Regulatory Commission licensing by 2030 for facility construction.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024 Last action Jan 9, 2024
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Jan 9, 2024
Introduced
Introduced in the Senate, Referred to Senate Environment and Energy Committee
upper
1 primary · 1 co-sponsor

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