Daryl Schmitt was added as a co-author of Senate Bill 424 on January 30, 2025, and voted for it on third reading. Governor Mike Braun signed it as Public Law 48 on April 10. The law allows an Indiana utility to seek recovery of approved small modular nuclear reactor development costs from ratepayers: 80 percent through periodic rate adjustments and the remaining 20 percent in its next general rate case.
The law also permits recovery for a project that is canceled or not completed, but only when the Indiana Utility Regulatory Commission finds those costs reasonable, necessary, and prudently incurred. Those canceled-project costs generally earn no return unless the commission makes additional findings.
No small modular reactor has been completed anywhere in the United States, and one federally funded project was canceled in 2023 after more than a decade of work and nearly nine billion dollars in costs. WFYI reported that the bill was one of several written in 2025 to guarantee power for the AI data centers coming into Indiana, so Hoosier families carry the development risk on their electric bills and the data center industry does not.