H 4768

This bill authorizes the town of Plymouth to negotiate a payment in lieu of tax (PILOT) agreement with Holtec and its subsidiaries, the current owners of the decommissioned Pilgrim Nuclear Power Plant. The legislation specifically allows Plymouth to assess and tax property that includes spent nuclear fuel storage facilities (both spent fuel pools and dry cask storage systems) at the former power plant site, which would otherwise potentially be exempt from local taxation. By enabling this PILOT agreement, the bill ensures Plymouth can continue receiving tax revenue from the nuclear facility property even after the plant has ceased power generation operations and is in the decommissioning phase, helping to offset the loss of tax revenue that typically occurs when nuclear plants close.