NJ S1560

Owners of decommissioned nuclear power plants with unreturned spent nuclear fuel must make annual community service payments in lieu of property taxes to the host municipality by August 1 each year.

The initial payment amount equals the property taxes paid for municipal and school district purposes in the last full tax year before decommissioning, with payments increasing 2% annually thereafter.

Payments continue as long as spent nuclear fuel remains on site; once fuel is removed, the property returns to the regular property tax rolls.

Municipalities must forward the school district portion of the payment within five business days of receipt.

Plants decommissioned more than one year before enactment would owe their first payment on August 1 following the bill's passage.