This bill amends R.S.54:4-1 to classify spent nuclear fuel located in a decommissioned nuclear power plant as business personal property, thereby subjecting it to property taxation. The amendment specifies that this classification is in addition to existing taxable personal property, which includes machinery and equipment used in petroleum refining and certain telecommunications equipment. The bill also clarifies that intangible personal property is excluded from taxation unless otherwise specified.

The changes include the insertion of language that explicitly identifies spent nuclear fuel as taxable personal property, while deleting a previous reference to certain telecommunications equipment. The bill aims to ensure that spent nuclear fuel, which poses unique regulatory and safety considerations, is treated consistently within the framework of property taxation in New Jersey. The act is set to take effect immediately upon passage.