S 1929

This bill reclassifies spent nuclear fuel stored at decommissioned nuclear power plants in New Jersey as real property for tax purposes, making it subject to local property taxation. Currently, spent nuclear fuel would typically be considered personal property or potentially exempt from property taxes, but this legislation explicitly overrides existing property definitions to ensure that communities hosting decommissioned nuclear plants with stored spent fuel can collect property tax revenue from these materials. The bill requires the Division of Taxation to implement regulations within 90 days and takes effect immediately upon enactment, providing a new source of tax revenue for municipalities that continue to store nuclear waste after their power plants have ceased operations.