SENATE, No. 1701 STATE OF NEW JERSEY 220th LEGISLATURE INTRODUCED FEBRUARY 28, 2022
SENATE, No. 1701
STATE OF NEW JERSEY
220th LEGISLATURE
INTRODUCED FEBRUARY 28, 2022
Sponsored by: Senator CHRISTOPHER J. CONNORS District 9 (Atlantic, Burlington and Ocean) SYNOPSIS Deems spent nuclear fuel from decommissioned nuclear power plant to be real property. CURRENT VERSION OF TEXT As introduced.
Sponsored by:
Senator CHRISTOPHER J. CONNORS
District 9 (Atlantic, Burlington and Ocean)
SYNOPSIS
Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning spent nuclear fuel and supplementing Chapter 4 of Title 54 of the Revised Statutes. Be It Enacted by the Senate and General Assembly of the State of New Jersey: 1. For the purposes of chapter 4 of Title 54 of the Revised Statutes and notwithstanding the provisions of R.S.54:4-1 to the contrary, spent nuclear fuel located in a decommissioned nuclear power plant is deemed to be real property subject to taxation. 2. The Director of the Division of Taxation in the Department of the Treasury, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) shall adopt rules and regulations as may be necessary to effectuate the provisions of this act within 90 days of its enactment. 3. This act shall take effect immediately. STATEMENT This bill would deem spent nuclear fuel that is located in a decommissioned nuclear power plant to be real property for the purposes of chapter 4 of Title 54 of the Revised Statutes, and therefore subject to property taxation.
An Act concerning spent nuclear fuel and supplementing Chapter 4 of Title 54 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. For the purposes of chapter 4 of Title 54 of the Revised Statutes and notwithstanding the provisions of R.S.54:4-1 to the contrary, spent nuclear fuel located in a decommissioned nuclear power plant is deemed to be real property subject to taxation.
2. The Director of the Division of Taxation in the Department of the Treasury, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) shall adopt rules and regulations as may be necessary to effectuate the provisions of this act within 90 days of its enactment.
3. This act shall take effect immediately.
STATEMENT
This bill would deem spent nuclear fuel that is located in a decommissioned nuclear power plant to be real property for the purposes of chapter 4 of Title 54 of the Revised Statutes, and therefore subject to property taxation.