This bill allows municipalities that host decommissioned nuclear power plants to impose a stranded nuclear waste fee on the owners of these plants. The fee is calculated based on the amount of spent nuclear fuel stored at the facility, with the governing body of the municipality setting the fee per kilogram, which cannot exceed $15. The annual fee is determined by multiplying the total kilograms of spent nuclear fuel by the established fee per kilogram.

The revenue generated from this fee is designated solely for the purpose of reducing the municipal property tax levy. This legislation aims to provide financial relief to municipalities affected by the presence of decommissioned nuclear power plants and the associated storage of spent nuclear fuel. The bill is set to take effect immediately upon enactment.