S 1701

This bill changes the tax classification of spent nuclear fuel stored at decommissioned nuclear power plants in New Jersey by deeming it to be real property rather than personal property, making it subject to local property taxation. The primary purpose appears to be generating tax revenue for municipalities that host decommissioned nuclear facilities, as these communities would otherwise lose significant tax revenue once the plant stops operating. By classifying the stored spent fuel as taxable real property, local governments can continue to collect property taxes on these radioactive materials that remain on-site even after the power plant has ceased operations, potentially providing crucial funding to offset the economic impact of plant closures.