Requires decommissioned nuclear power facility to pay annual community service payment in lieu of property taxes.
The bill mandates that the owner of a decommissioned nuclear power plant, where spent nuclear fuel has not been removed, must make an annual community service payment to the municipality in place of property taxes. The first payment is due the August 1 following the last full tax year the plant was operational. The amount of the initial payment equals the previous year's property taxes, increasing by 2% annually. The municipality retains its share and forwards the school district's portion within five business days.
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