TAKEAWAYS
A recent change in New York law requires local authorities to assess spent nuclear fuel storage facilities at permanently shutdown nuclear power plants as real property for ad valorem tax purposes.
The legislation raises a number of complex valuation issues for owners of shutdown nuclear power plants in New York.
As host communities across the country search for ways to mitigate the revenue impact of permanent plant shutdowns, this may well become a national issue.
On December 31, 2020, New York Governor Andrew Cuomo approved legislation subjecting pools and dry cask storage systems storing spent nuclear fuel at closed nuclear power plants to ad valorem taxation.