MISSISSIPPI LEGISLATURE
2026 Regular Session
To: Energy; Appropriations A
By: Representative Steverson
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.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) There is created in the State Treasury a special fund to be known as the Nuclear Energy Supply Chain Investment Fund for the purpose of promoting nuclear development and manufacturing in the state. The fund shall consist of monies appropriated or otherwise made available by the Legislature in any manner and federal funds and other public or private funds from any other source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund.
(2) Monies in the fund shall be used to make grants to support nuclear power-related companies, workforce development programs, and site development across Mississippi. The fund shall be administered by the Mississippi Development Authority (MDA), which shall expend monies in the fund, upon appropriation by the Legislature, for the grant program established under this section.
(3) The MDA shall establish a grant program to provide funding through grants to companies for projects that:
(a) Manufacture components for nuclear energy testing and future nuclear power generation;
(b) Design, develop, and build small modular reactors and advanced reactors;
(c) Research and test new technology in nuclear fission and fusion;
(d) Store and transport elements of the nuclear life cycle; or
(e) Otherwise expand or strengthen the state's nuclear development and manufacturing ecosystem, as determined by the MDA.
(4) In reviewing applications for grants, the MDA shall evaluate each company on a case-by-case basis using the following criteria:
(a) The company's mission and what it will be producing to expand Mississippi's nuclear ecosystem;
(b) The number of jobs that the company will create;
(c) The amount of capital investment that the company will make; and
(d) The average employee wage that the project will provide.
(5) Grants from the fund may be used for eligible expenses of the recipient, which are limited to property improvements, building construction, and other costs associated with real property investment. The funding for a project shall be made in the form of a reimbursement grant. After a contract for the project has been executed, a company that has been approved for a grant may begin submitting receipts to the MDA for reimbursement as soon as costs are incurred for eligible expenses.
(6) 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.
(6) The MDA shall have all powers necessary to implement and administer the grant program established under this section, and it shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
(7) The MDA shall file an annual report with the Governor, the Secretary of the Senate and the Clerk of the House of Representatives not later than December 1 of each year, describing all grants provided under this section.
SECTION 2. This act shall take effect and be in force from and after July 1, 2026.