New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S1929

Introduced
1/9/24  

Caption

Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.

Impact

The passage of S1929 would lead to significant changes in how spent nuclear fuel is treated legally within New Jersey. By classifying it as real property, it expressly subjects this radioactive material to state taxation laws. This could generate a new source of revenue for the state while also creating obligations for the safe management and reporting of these materials. Additionally, this action may influence similar policies in other states, potentially setting a precedent for the management of nuclear waste across the nation.

Summary

Senate Bill S1929, sponsored by Senator Carmen F. Amato, Jr., proposes to categorize spent nuclear fuel located in decommissioned nuclear power plants as real property. This new classification would mean that such spent nuclear fuel would now be subject to property taxation under New Jersey's Revised Statutes. The intention behind this bill is to establish a clear regulatory framework regarding the classification and taxation of this type of hazardous material, which has been a source of legal and environmental contention.

Contention

Notably, the bill may face opposition from various stakeholders, including environmental groups and local governments concerned about the implications of taxing spent nuclear fuel. Critics could argue that this approach may inadvertently endorse the continued storage of such dangerous materials in communities without proper safeguards or regulations. Furthermore, opponents may raise concerns about the adequacy of infrastructure to manage any financial or operational increases resulting from this new taxation framework.

Companion Bills

NJ A1768

Same As Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.

NJ S1701

Carry Over Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.

Previously Filed As

NJ A1768

Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.

NJ A3363

Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.

NJ S1701

Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.

NJ S1931

Subjects spent nuclear fuel located in a decommissioned nuclear power plant to taxation as business personal property.

NJ A1767

Subjects spent nuclear fuel located in a decommissioned nuclear power plant to taxation as business personal property.

NJ A3362

Subjects spent nuclear fuel located in a decommissioned nuclear power plant to taxation as business personal property.

NJ S1703

Subjects spent nuclear fuel located in a decommissioned nuclear power plant to taxation as business personal property.

NJ S1930

Requires decommissioned nuclear power facility to pay annual community service payment in lieu of property taxes.

NJ A3361

Requires decommissioned nuclear power facility to pay annual community service payment in lieu of property taxes.

NJ S1702

Requires decommissioned nuclear power facility to pay annual community service payment in lieu of property taxes.

Similar Bills

No similar bills found.