# Indiana SB 423: Small modular nuclear reactor pilot program.

Indiana SB 423, Small modular nuclear reactor pilot program., is a First Regular Session 124th General Assembly (2025) Senate bill sponsored by Eric Koch (Republican); status signed, last action 2025-05-01 (Signed by the Governor) (as of 2026-10-19).

- Canonical: https://policyrisk.com/state-bill/IN-SB423-2025
- As of: 2026-10-19
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Indiana SB 423
- State: Indiana
- Session: First Regular Session 124th General Assembly (2025)
- Title: Small modular nuclear reactor pilot program.
- Status: signed
- Chamber: Senate
- Introduced: 2025-01-13
- Last action: 2025-05-01, Signed by the Governor
- Sponsor: Eric Koch (Republican)
- Cosponsors: 11
- Subjects: utilities, the house
- Touches household money: no
- Roll calls: 3 (142 yes, 48 no in all)
- Economic provisions PRIA read: 2

## Summary

Establishes the small modular nuclear reactor partnership pilot program (program). Provides that certain electric utilities (eligible utilities) may partner with one or more other specified types of partners (eligible partners) to develop one or more small modular nuclear reactors (SMRs) at an eligible project site, subject to the approval of the Indiana utility regulatory commission (IURC). For purposes of these provisions, provides that an eligible project site is: (1) a location in Indiana; or (2) the site of a nuclear energy facility that supplies electricity to Indiana retail customers on July 1, 2011. Provides that an eligible utility that seeks to develop a project with one or more eligible partners may petition the IURC for approval to participate in the program. Sets forth the information that an eligible utility's petition must include. Sets forth the factors that the IURC must consider in reviewing a petition. Requires the IURC to issue a final order approving or denying a petition not later than 180 days after receiving the petition and the eligible utility's complete case in chief, subject to the IURC's right to extend the time for review if the eligible utility does not object to the extension. Provides that the IURC shall approve a petition if the IURC makes specified findings. Provides that an eligible utility may petition the IURC for approval to incur, before obtaining a certificate of convenience and necessity (CPCN) to construct an SMR under the program, eligible project development costs. Defines "eligible project development costs" as project development costs that: (1) have been, or are reasonably estimated to be, incurred by an eligible utility in the development of one or more SMRs under the program; and (2) have not been and will not be recovered by the eligible utility through contributions of any money, services, or property provided at no cost to the eligible utility by any eligible partner, governmental agency, or other third party, regardless of whether the third party has entered into an eligible partnership with the eligible utility. Sets forth certain factors that the IURC must consider in reviewing an eligible utility's petition to incur eligible project development costs. Provides that if the IURC denies an eligible utility's petition to participate in the program, and the eligible utility seeks to pursue the development of an SMR outside the program, the eligible utility may: (1) proceed to develop an SMR under the procedures set forth under the existing Indiana Code section governing CPCNs for SMRs; and (2) request that the eligible utility's petition to incur eligible project development costs under bill's provisions be considered a petition to incur project development costs under the Indiana Code section governing CPCNs for SMRs .Provides that if an eligible utility receives approval to incur eligible project development costs, the eligible utility may petition the IURC for the approval of a rate schedule that periodically adjusts the eligible utility's rates and charges to provide for the timely recovery of eligible project development costs. Provides that an eligible utility that receives approval to recover eligible project development costs shall: (1) recover 80% of the approved eligible project development costs under the approved rate schedule; and (2) defer the remaining 20% of approved eligible project development costs for recovery as part of the eligible utility's next general rate case before the IURC. Provides that eligible project development costs that: (1) are incurred by an eligible utility; and (2) exceed the best estimate of eligible project development costs included in the IURC's order authorizing the eligible utility to incur eligible project development costs; may not be included in the eligible utility's rates and charges unless found by the IURC to be reasonable, necessary, and prudent in supporting the development of the project for which they were incurred. Provides that: (1) eligible project development costs incurred for a project that is canceled or not completed may be recovered by the eligible utility if found by the IURC to be reasonable, necessary, and prudently incurred; but (2) such costs shall be recovered without a return unless the IURC makes certain additional findings.

## Bill overview: provisions PRIA read

- Customers can pay reactor development costs: cost, medium. Beginning July 1, 2025, participating utilities can seek approval to charge customers for reactor development before receiving construction approval. Each utility must separately request development-cost approval; eligible costs include studies, design, licensing, permits, equipment, and approved f…
- Utilities gain a time-limited reactor pilot: mixed, low. Beginning July 1, 2025, eligible utilities can form partnerships to build, buy, or lease small modular nuclear reactors for Indiana customers. Each partnership needs a utility and another eligible partner, such as a customer, investor, manufacturer, military site, or state college. Sites must be in…

## Sponsors and cosponsors

- Sponsor: Eric Koch (Republican), Senate
- Cosponsor: Andy Zay
- Cosponsor: Blake Doriot (Republican), Senate
- Cosponsor: Daryl Schmitt (Republican), Senate
- Cosponsor: Edmond Soliday (Republican), House
- Cosponsor: Gary Byrne (Republican), Senate
- Cosponsor: James Buck (Republican), Senate
- Cosponsor: Jeff Raatz (Republican), Senate
- Cosponsor: Justin Busch (Republican), Senate
- Cosponsor: Spencer Deery (Republican), Senate
- Cosponsor: Stacey Donato (Republican), Senate
- Cosponsor: Susan Glick (Republican), Senate

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-04-17 | Senate | Senate concurred with House amendments | pass | 34 | 12 |   |
| 2025-04-15 | House | Third reading: passed | pass | 67 | 29 |   |
| 2025-02-03 | Senate | Third reading: passed | pass | 41 | 7 |   |

## Actions (29)

- 2025-05-01: Signed by the Governor (Senate)
- 2025-05-01: Public Law 137 (Senate)
- 2025-04-23: Signed by the President of the Senate (Senate)
- 2025-04-22: Signed by the Speaker (House)
- 2025-04-22: Signed by the President Pro Tempore (Senate)
- 2025-04-17: Senate concurred with House amendments; Roll Call 471: yeas 34, nays 12 (Senate)
- 2025-04-16: Returned to the Senate with amendments (House)
- 2025-04-16: Motion to concur filed (Senate)
- 2025-04-15: Third reading: passed; Roll Call 449: yeas 67, nays 29 (House)
- 2025-04-10: Second reading: ordered engrossed (House)
- 2025-04-08: Committee report: amend do pass, adopted (House)
- 2025-03-03: First reading: referred to Committee on Utilities, Energy and Telecommunications (House)
- 2025-02-04: Referred to the House (Senate)
- 2025-02-03: Senator Byrne added as coauthor (Senate)
- 2025-02-03: House sponsor: Representative Soliday (Senate)
- 2025-02-03: Senators Buck and Raatz added as coauthors (Senate)
- 2025-02-03: Senator Busch added as coauthor (Senate)
- 2025-02-03: Third reading: passed; Roll Call 60: yeas 41, nays 7 (Senate)
- 2025-01-30: Second reading: ordered engrossed (Senate)
- 2025-01-30: Amendment #1 (Hunley) failed; voice vote (Senate)
- 2025-01-29: Senator Schmitt added as coauthor (Senate)
- 2025-01-28: Senator Doriot added as coauthor (Senate)
- 2025-01-27: Committee report: amend do pass, adopted (Senate)
- 2025-01-27: Senator Deery added as third author (Senate)
- 2025-01-27: Senator Donato added as second author (Senate)
- 2025-01-27: Senator Glick added as coauthor (Senate)
- 2025-01-23: Senator Zay added as coauthor (Senate)
- 2025-01-13: First reading: referred to Committee on Utilities (Senate)
- 2025-01-13: Authored by Senator Koch (Senate)

## Bill text

- Enrolled Senate Bill (S): [PDF](https://api.iga.in.gov/2025/bills/SB0423/versions/SB0423.04.ENRH?format=pdf)
- Introduced Senate Bill (S): [PDF](https://api.iga.in.gov/2025/bills/SB0423/versions/SB0423.01.INTR?format=pdf)
- Senate Bill (H): [PDF](https://api.iga.in.gov/2025/bills/SB0423/versions/SB0423.02.COMS?format=pdf)
- Senate Bill (S): [PDF](https://api.iga.in.gov/2025/bills/SB0423/versions/SB0423.03.COMH?format=pdf)

## Related bills

- SB 324: Criminal procedures. (signed)
- SB 231: Various corrections matters. (signed)
- SB 80: Code publication. (signed)
- SB 453: Various tax matters. (signed)
- SB 464: Financial institutions and consumer credit. (signed)
- SB 371: Workforce matters. (signed)

## Sources
- [Enrolled Senate Bill (S) (PDF)](https://api.iga.in.gov/2025/bills/SB0423/versions/SB0423.04.ENRH?format=pdf)
- [Introduced Senate Bill (S) (PDF)](https://api.iga.in.gov/2025/bills/SB0423/versions/SB0423.01.INTR?format=pdf)
- [Senate Bill (H) (PDF)](https://api.iga.in.gov/2025/bills/SB0423/versions/SB0423.02.COMS?format=pdf)
- [Senate Bill (S) (PDF)](https://api.iga.in.gov/2025/bills/SB0423/versions/SB0423.03.COMH?format=pdf)

## Related
- [SB 324: Criminal procedures.](https://policyrisk.com/state-bill/IN-SB324-2025)
- [SB 231: Various corrections matters.](https://policyrisk.com/state-bill/IN-SB231-2025)
- [SB 80: Code publication.](https://policyrisk.com/state-bill/IN-SB80-2025)
- [SB 453: Various tax matters.](https://policyrisk.com/state-bill/IN-SB453-2025)
- [SB 464: Financial institutions and consumer credit.](https://policyrisk.com/state-bill/IN-SB464-2025)
- [SB 371: Workforce matters.](https://policyrisk.com/state-bill/IN-SB371-2025)
- [Indiana bills](https://policyrisk.com/states/indiana/bills)
- [Indiana state hub](https://policyrisk.com/states/indiana)
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Source: PRIA, https://policyrisk.com/state-bill/IN-SB423-2025 (as of 2026-10-19).