S 1561

This bill amends New Jersey's property tax law to specifically classify spent nuclear fuel stored at decommissioned nuclear power plants as taxable business personal property. Currently, most personal property in New Jersey is exempt from property taxation, with only limited exceptions such as certain petroleum refinery equipment and local telephone exchange equipment. By adding spent nuclear fuel at decommissioned plants to this narrow list of taxable personal property, the bill would enable local governments to collect property taxes on nuclear waste that remains stored at shutdown nuclear facilities, creating a new revenue source from these materials that would otherwise go untaxed after a plant ceases operations.