A New Jersey state lawmaker introduced a bill in mid-January that aimed to generate tax revenue for communities hosting defunct nuclear power plants, according to Shore News Network.
While advances in nuclear energy continue in an effort to create virtually limitless, affordable energy that might meet rising energy demands, there are still many defunct nuclear power plants in the United States.
Because the U.S. has no national storage site for used nuclear fuel, any waste must remain with the defunct power plants. The safety of this waste remains a concern, so developers cannot redevelop the areas around these power plants into new uses that generate tax revenue.
Instead, when a nuclear power plant shuts down, safety restrictions cause the plant to lose its assessed taxable value, depriving the nearby community of revenue. Given the high upfront costs of building nuclear power plants, communities are more often than not losing out when these plants go dark.
As a potential solution, State Senator Carmen F. Amato Jr. sponsored Senate Bill 1561, which would amend New Jersey's existing tax law to include nuclear fuel waste on the list of taxable business assets. Under Amato's proposal, the stored fuel would be taxed the same way refinery machinery and industrial equipment already are.
By implementing these changes, communities would continue to receive some revenue even after a nuclear plant's closure, helping to at least partially offset any revenue losses.
The proposal is part of a wider push to make sure that communities with decommissioned nuclear facilities that no longer promote economic activity can still generate tax income, particularly since these communities still have to deal with any issues that might arise from the plants, such as potential environmental and health hazards.
By late January, it appeared that Amato's SB 1561 had been "withdrawn from consideration," according to the New Jersey Legislature website. While more public details around this withdrawal have not been readily available, similar proposals could be considered in the future and may spring up in other states as well.
|
Which of these savings plans for rooftop solar panels would be most appealing for you?
Click your choice to see results and earn rewards to spend on home upgrades. |
Save $1,000 this year 💸 
Get TCD's free newsletters for easy tips to save more, waste less, and make smarter choices — and earn up to $5,000 toward clean upgrades in TCD's exclusive Rewards Club.
Cool Picks
