Idaho Policy Changes to Fuel Innovation
The Research and Business Development Center and the Idaho National Laboratory (INL) have worked together to quantify INL’s economic impact over the past three years. The recent report on the lab’s economic contributions in Fiscal Year (FY) 2016 demonstrated the substantial benefits nuclear research brings to Idaho.
Innovation at INL is credited with a boost of more than $142 million in one year alone. This reinforces the importance of fueling innovation by making the legislative and policy changes necessary to enable more advancements in nuclear energy.
Members of Congress are looking to introduce the Nuclear Energy Innovation Capabilities Act (NEICA) which would make it easier for America to remain innovative in the nuclear sector.
The legislation would allow the U.S. Department of Energy (DOE) to prioritize partnering with private innovators to test and demonstrate advanced reactor concepts. The measure authorizes the creation of a National Reactor Innovation Center that brings together the technical expertise of the National Labs and DOE to permit the construction of experimental reactors. The Nuclear Regulatory Commission (NRC) would partner with the DOE in this effort, which would enable the NRC to contribute its expertise on safety issues while also learning about the new technologies developed through the Center. This measure strengthens the abilities of national laboratories to partner with private industry to prove the principles behind their ideas.
If you’re an Idaho company that conducts research and development to create new and innovative products or processes then you may be eligible for the state R&D tax credit. Click here to speak with a Swanson Reed specialist to find out more information.