S 1702

This bill requires owners of decommissioned nuclear power plants that still contain spent nuclear fuel to make annual community service payments to their host municipalities in lieu of property taxes, since these facilities have no assessed property tax value while radioactive material remains on site. The annual payment would equal the property taxes paid during the plant's last full operational year, increasing by 2% annually thereafter, with the municipality retaining its portion and forwarding the school district's share within five business days. These payments would continue until the spent nuclear fuel is removed from the facility, at which point the property would return to the regular property tax rolls for assessment and taxation.