Bill Text: NJ S1929 | 2024-2025 | Regular Session | Introduced
Bill Title: Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.
Spectrum: Unknown
Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S1929 Detail]
Download: New_Jersey-2024-S1929-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Senator CARMEN F. AMATO, JR.
District 9 (Ocean)
SYNOPSIS
Deems spent nuclear fuel from decommissioned nuclear power plant to be real property.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
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.
