This bill mandates that the owner of a decommissioned nuclear power plant, where spent nuclear fuel remains, must make an annual community service payment in lieu of property taxes to the municipality where the plant is located. The first payment is due by August 1 of the year following the last full tax year of the plant's operation, with subsequent payments required every August 1 as long as the spent nuclear fuel is present. For plants decommissioned more than a year before the bill's enactment, the first payment will be due on August 1 immediately following the bill's passage. The initial payment amount will match the property taxes paid in the last full tax year before decommissioning, with a 2 percent increase each subsequent year.

The bill also stipulates that the municipality will retain the portion of the payment for municipal purposes and will forward the portion for school district purposes within five business days. Once the spent nuclear fuel is removed, the plant will be subject to real property taxation again. The Director of the Division of Taxation is tasked with adopting rules and regulations to implement this act within 90 days of its enactment.