# Indiana SB 424: Small modular nuclear reactor development costs.

Indiana SB 424, Small modular nuclear reactor development costs., is a First Regular Session 124th General Assembly (2025) Senate bill sponsored by Eric Koch (Republican); status signed, last action 2025-04-10 (Public Law 48) (as of 2026-10-19).

- Canonical: https://policyrisk.com/state-bill/IN-SB424-2025
- 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 424
- State: Indiana
- Session: First Regular Session 124th General Assembly (2025)
- Title: Small modular nuclear reactor development costs.
- Status: signed
- Chamber: Senate
- Introduced: 2025-01-13
- Last action: 2025-04-10, Public Law 48
- Sponsor: Eric Koch (Republican)
- Cosponsors: 14
- Subjects: utilities, the house
- Touches household money: no
- Roll calls: 3 (125 yes, 59 no in all)
- Economic provisions PRIA read: 1

## Summary

Amends as follows the Indiana Code section concerning certificates of public convenience and necessity (certificates) for small modular nuclear reactors: (1) Authorizes a public utility to petition the Indiana utility regulatory commission (IURC) for approval to incur, before obtaining a certificate, project development costs for the development of one or more small modular nuclear reactors. (2) Sets forth certain factors that the IURC must consider in reviewing a public utility's petition to incur project development costs. (3) Requires the IURC to issue a final order approving or denying the petition not later than 180 days after receiving the petition and the public utility's complete case in chief, subject to the IURC's right to extend the time for review if the public utility does not object to the extension. (4) Provides that if a public utility receives approval to incur project development costs, the public utility may petition the IURC at any time before or during the development and execution of a small modular nuclear reactor project for the approval of a rate schedule that periodically adjusts the public utility's rates and charges to provide for the timely recovery of project development costs. (5) Provides that after reviewing a public utility's proposed rate schedule, the IURC shall approve the recovery of project development costs by the public utility if the IURC finds that project development costs that have been or will be incurred are: (A) reasonable in amount; (B) necessary to support the construction, purchase, or lease of a small modular nuclear reactor; and (C) consistent with the commission's finding as to the best estimate of project development costs. (6) Provides that a public utility that is authorized to recover project development costs shall: (A) recover 80% of the approved project development costs under the approved rate schedule; and (B) defer the remaining 20% of approved project development costs for recovery as part of public utility's next general rate case before the IURC. (7) Provides that the recovery of a public utility's project development costs through an approved periodic rate adjustment mechanism must occur over a period that is equal to: (A) the period over which the approved project development costs are incurred; or (B) three years; whichever is less. (8) Provides that project development costs that: (A) are incurred by a public utility; and (B) exceed the best estimate of project development costs included in the IURC's order authorizing the public utility to incur project development costs; may not be included in the public utility's rates and charges unless found by the IURC to be reasonable, necessary, and prudent in supporting the construction, purchase, or lease of the small modular nuclear reactor for which they were incurred. (9) Provides that: (A) project development costs incurred for a project that is canceled or not completed may be recovered by the public utility if found by the IURC to be reasonable, necessary, and prudently incurred; but (B) such costs shall be recovered without a return unless the IURC makes certain additional findings. (10) Provides that if a public utility does not seek: (A) approval of; or (B) cost recovery for; project development costs under the bill's provisions, the IURC may approve the deferral and amortization of project development costs in accordance with the statutory procedures set forth for construction costs.

## Bill overview: provisions PRIA read

- Indiana utilities can bill reactor development costs: cost, low. Beginning July 1, 2025, Indiana utilities can seek approval to charge customers for small modular nuclear reactor development costs. They can apply before receiving a construction certificate. Qualifying reactors include hydrogen-producing designs, must require federal nuclear licensing, and cannot…

## Sponsors and cosponsors

- Sponsor: Eric Koch (Republican), Senate
- Cosponsor: Andy Zay
- Cosponsor: Blake Doriot (Republican), Senate
- Cosponsor: Brian Buchanan (Republican), Senate
- Cosponsor: Daryl Schmitt (Republican), Senate
- Cosponsor: Edmond Soliday (Republican), House
- Cosponsor: Gary Byrne (Republican), Senate
- Cosponsor: James Buck (Republican), Senate
- Cosponsor: Jean Leising (Republican), Senate
- Cosponsor: Jeff Raatz (Republican), Senate
- Cosponsor: Matt Lehman (Republican), House
- Cosponsor: Randy Maxwell (Republican), Senate
- Cosponsor: Ryan Lauer (Republican), House
- Cosponsor: Stacey Donato (Republican), Senate
- Cosponsor: Steve Bartels (Republican), House

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-03-25 | Senate | Senate concurred with House amendments | pass | 32 | 15 |   |
| 2025-03-20 | House | Third reading: passed | pass | 59 | 30 |   |
| 2025-02-03 | Senate | Third reading: passed | pass | 34 | 14 |   |

## Actions (30)

- 2025-04-10: Public Law 48 (Senate)
- 2025-04-10: Signed by the Governor (Senate)
- 2025-04-03: Signed by the President of the Senate (Senate)
- 2025-03-27: Signed by the Speaker (House)
- 2025-03-26: Signed by the President Pro Tempore (Senate)
- 2025-03-25: Senate concurred with House amendments; Roll Call 297: yeas 32, nays 15 (Senate)
- 2025-03-24: Motion to concur filed (Senate)
- 2025-03-21: Returned to the Senate with amendments (House)
- 2025-03-20: Third reading: passed; Roll Call 291: yeas 59, nays 30 (House)
- 2025-03-20: Representatives Lehman and Lauer added as cosponsors (House)
- 2025-03-17: Representative Bartels added as cosponsor (House)
- 2025-03-17: Second reading: ordered engrossed (House)
- 2025-03-13: 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: Third reading: passed; Roll Call 61: yeas 34, nays 14 (Senate)
- 2025-02-03: House sponsor: Representative Soliday (Senate)
- 2025-02-03: Senators Buck and Raatz added as coauthors (Senate)
- 2025-02-03: Senator Donato added as coauthor (Senate)
- 2025-02-03: Senator Maxwell added as coauthor (Senate)
- 2025-01-30: Senator Schmitt added as coauthor (Senate)
- 2025-01-30: Second reading: ordered engrossed (Senate)
- 2025-01-29: Senator Byrne added as coauthor (Senate)
- 2025-01-28: Senator Zay added as coauthor (Senate)
- 2025-01-27: Committee report: amend do pass, adopted (Senate)
- 2025-01-27: Senator Leising added as third author (Senate)
- 2025-01-27: Senator Buchanan added as second author (Senate)
- 2025-01-23: Senator Doriot added as coauthor (Senate)
- 2025-01-13: Authored by Senator Koch (Senate)
- 2025-01-13: First reading: referred to Committee on Utilities (Senate)

## Bill text

- Enrolled Senate Bill (S): [PDF](https://api.iga.in.gov/2025/bills/SB0424/versions/SB0424.04.ENRH?format=pdf)
- Introduced Senate Bill (S): [PDF](https://api.iga.in.gov/2025/bills/SB0424/versions/SB0424.01.INTR?format=pdf)
- Senate Bill (H): [PDF](https://api.iga.in.gov/2025/bills/SB0424/versions/SB0424.02.COMS?format=pdf)
- Senate Bill (S): [PDF](https://api.iga.in.gov/2025/bills/SB0424/versions/SB0424.03.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/SB0424/versions/SB0424.04.ENRH?format=pdf)
- [Introduced Senate Bill (S) (PDF)](https://api.iga.in.gov/2025/bills/SB0424/versions/SB0424.01.INTR?format=pdf)
- [Senate Bill (H) (PDF)](https://api.iga.in.gov/2025/bills/SB0424/versions/SB0424.02.COMS?format=pdf)
- [Senate Bill (S) (PDF)](https://api.iga.in.gov/2025/bills/SB0424/versions/SB0424.03.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)
- [All state legislation](https://policyrisk.com/state-bills)

Source: PRIA, https://policyrisk.com/state-bill/IN-SB424-2025 (as of 2026-10-19).