Spent nuclear fuel rods at the closed Indian Point Energy Center in the lower Hudson Valley will be taxed as real property under a measure given final approval by state lawmakers this month.
The bill is meant to ease the complications surrounding by the decommissioning process for the facility and ease the tax burden for the surrounding communities.
Indian Point was a source of tax dollars for area municipalities and school districts. Those taxing districts are now facing a steep loss of revenue as a result of the plant’s closure and decommissioning.
The measure is meant to be comprehensive, covering taxation for both fuel stored in pools or dry cask storage.
“For decades, the municipalities and schools around Indian Point received substantial tax revenue to help support their cost of operations, and this bill will ease the transition financially for them,” Sen. Peter Harckham said. “That’s why it was imperative to introduce bills to protect residents and small business owners in this regard, so they do not have to shoulder this financial challenge entirely themselves, especially as we continue to rebound economically post-pandemic.”
The plant’s decommissioning is expected to take up to 15 years, but such projects can last for decades. The tax measure now goes to Gov. Kathy Hochul’s desk for her consideration.
“These new bills add the nuclear spent fuel to the property to be taxed,” said Assemblywoman Sandra Galef. “This will offer some financial relief to the municipalities and Hendrick Hudson School District, which have suffered with the closing of Indian Point. Helping the taxpayers is our goal.”
BY NICK REISMAN