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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3618 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3618

To further enable a nuclear renaissance in the United States to improve 
energy security, reduce future pollution and greenhouse gas emissions, 
provide large, reliable sources of electricity, and create thousands of 
high-quality jobs for the citizens of the United States, and for other 
                               purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 20, 2010

 Mr. Voinovich introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL

 
To further enable a nuclear renaissance in the United States to improve 
energy security, reduce future pollution and greenhouse gas emissions, 
provide large, reliable sources of electricity, and create thousands of 
high-quality jobs for the citizens of the United States, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Enabling the 
Nuclear Renaissance Act''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
         TITLE I--DECLARATION OF NUCLEAR ENERGY AS CLEAN ENERGY

Sec. 101. Declaration of nuclear energy as clean energy.
           TITLE II--FINANCING NEW NUCLEAR PLANT DEVELOPMENT

Sec. 201. 5-year accelerated depreciation period for new nuclear power 
                            plants.
Sec. 202. Construction tax credit for nuclear power facilities.
Sec. 203. Inclusion of nuclear power facilities in advanced energy 
                            project tax credits.
Sec. 204. Modification of credit for production from advanced nuclear 
                            power facilities.
Sec. 205. Treatment of qualified public entities with respect to 
                            private activity bonds.
Sec. 206. Grants for qualified nuclear power facility expenditures in 
                            lieu of tax credits.
Sec. 207. ASME nuclear certification credit.
Sec. 208. Title 17 innovative technology loan guarantee program.
   TITLE III--ACCELERATING THE DEVELOPMENT OF SMALL MODULAR REACTORS

Sec. 301. Small modular reactor development and licensing.
               TITLE IV--IMPROVING THE LICENSING PROCESS

Sec. 401. Elimination of mandatory hearing for uncontested license 
                            applications.
Sec. 402. Waste confidence.
Sec. 403. Environmental reviews for nuclear energy projects.
               TITLE V--DEVELOPING THE NUCLEAR WORKFORCE

Sec. 501. Training the next generation nuclear workforce.
                  TITLE VI--DEVELOPING INFRASTRUCTURE

Sec. 601. Definitions.
Sec. 602. National nuclear energy council.
Sec. 603. Energy park initiative.
Sec. 604. Advisory committee on energy park development.
Sec. 605. `N' prize program authority.
               TITLE VII--ENHANCING REGULATORY AUTHORITY

Sec. 701. Continuation of service.
Sec. 702. Enhanced fingerprinting requirements.
              TITLE VIII--MANAGEMENT OF USED NUCLEAR FUEL

Sec. 801. United States Nuclear Fuel Management Corporation.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) nuclear energy provides--
                    (A) approximately 19 percent of the electricity of 
                the United States; and
                    (B) approximately 70 percent of the carbon-dioxide 
                free electricity of the United States;
            (2) nuclear energy has the lowest land-use requirements per 
        megawatt of any electricity generating source;
            (3) the majority of the 104 operating reactors located in 
        the United States were constructed during the 20-year time 
        period beginning in 1970;
            (4) the operating performance of nuclear plants has 
        improved significantly since the nuclear plants were 
        constructed so that, as of the date of enactment of this Act, 
        the nuclear plants of the United States provide reliable power 
        for over 90 percent of the time; and
            (5) a broader deployment of nuclear energy, including the 
        development of new modular reactors, would greatly improve the 
        ability of the United States--
                    (A) to reduce emissions;
                    (B) to provide reliable, baseload electricity;
                    (C) to create good quality jobs;
                    (D) to promote energy security; and
                    (E) to attain global leadership in nuclear power.

         TITLE I--DECLARATION OF NUCLEAR ENERGY AS CLEAN ENERGY

SEC. 101. DECLARATION OF NUCLEAR ENERGY AS CLEAN ENERGY.

    For purposes of Federal law, it is the sense of Congress that--
            (1) nuclear energy shall be considered to be clean energy;
            (2) any provision of Federal law relating to clean energy 
        shall be considered to include nuclear energy as a form of 
        clean energy; and
            (3) nuclear energy is a renewable-equivalent for purposes 
        of a renewable energy standard.

           TITLE II--FINANCING NEW NUCLEAR PLANT DEVELOPMENT

SEC. 201. 5-YEAR ACCELERATED DEPRECIATION PERIOD FOR NEW NUCLEAR POWER 
              PLANTS.

    (a) In General.--Subparagraph (B) of section 168(e)(3) of the 
Internal Revenue Code of 1986 is amended by striking ``and'' at the end 
of clause (vi)(III), by striking the period at the end of clause (vii) 
and inserting ``, and'', and by inserting after clause (vii) the 
following new clause:
                            ``(viii) any tangible property (not 
                        including a building or its structural 
                        components) which is used in the manufacturing 
                        of, or as an integral part of, an advanced 
                        nuclear power facility (as defined in section 
                        45J(d)(l), determined without regard to 
                        subparagraph (B) thereof) the original use of 
                        which commences with the taxpayer after the 
                        date of the enactment of this clause.''.
    (b) Conforming Amendment.--Section 168(e)(3)(E)(vii) of the 
Internal Revenue Code of 1986 is amended by inserting ``and not 
described in subparagraph (B)(viii) of this paragraph'' after ``section 
1245(a)(3)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 202. CONSTRUCTION TAX CREDIT FOR NUCLEAR POWER FACILITIES.

    (a) New Credit for Nuclear Power Facilities.--Section 46 of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``and'' at the end of paragraph (5);
            (2) by striking the period at the end of paragraph (6) and 
        inserting ``; and''; and
            (3) by inserting after paragraph (5) the following new 
        paragraph:
            ``(7) the nuclear power facility construction credit.''.
    (b) Nuclear Power Facility Construction Credit.--Subpart E of part 
IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is 
amended by inserting after section 48D the following new section:

``SEC. 48E. NUCLEAR POWER FACILITY CONSTRUCTION CREDIT.

    ``(a) In General.--For purposes of section 46, the nuclear power 
facility construction credit for any taxable year is 10 percent of the 
qualified nuclear power facility expenditures with respect to a 
qualified nuclear power facility.
    ``(b) When Expenditures Taken Into Account.--
            ``(1) In general.--Qualified nuclear power facility 
        expenditures shall be taken into account for the taxable year 
        in which the qualified nuclear power facility is placed in 
        service.
            ``(2) Coordination with subsection (c).--The amount which 
        would (but for this paragraph) be taken into account under 
        paragraph (1) with respect to any qualified nuclear power 
        facility shall be reduced (but not below zero) by any amount of 
        qualified nuclear power facility expenditures taken into 
        account under subsection (c) by the taxpayer or a predecessor 
        of the taxpayer, to the extent any amount so taken into account 
        under subsection (c) has not been required to be recaptured 
        under section 50(a).
    ``(c) Progress Expenditures.--
            ``(1) In general.--A taxpayer may elect to take into 
        account qualified nuclear power facility expenditures--
                    ``(A) in the case of a qualified nuclear power 
                facility which is a self-constructed facility, no 
                earlier than the taxable year for which such 
                expenditures are properly chargeable to capital account 
                with respect to such facility; and
                    ``(B) in the case of a qualified nuclear facility 
                which is not self-constructed property, no earlier than 
                the taxable year in which such expenditures are paid.
            ``(2) Special rules for applying paragraph (1).--For 
        purposes of paragraph (1)--
                    ``(A) Component parts, etc.--Notwithstanding that a 
                qualified nuclear power facility is a self-constructed 
                facility, property described in paragraph (3)(B) shall 
                be taken into account in accordance with paragraph 
                (1)(B), and such amounts shall not be included in 
                determining qualified nuclear power facility 
                expenditures under paragraph (1)(A).
                    ``(B) Certain borrowing disregarded.--Any amount 
                borrowed directly or indirectly by the taxpayer on a 
                nonrecourse basis from the person constructing the 
                facility for the taxpayer shall not be treated as an 
                amount expended for such facility.
                    ``(C) Limitation for facilities or components which 
                are not self-constructed.--
                            ``(i) In general.--In the case of a 
                        facility or a component of a facility which is 
                        not self-constructed, the amount taken into 
                        account under paragraph (1)(B) for any taxable 
                        year shall not exceed the excess of--
                                    ``(I) the product of the overall 
                                cost to the taxpayer of the facility or 
                                component of a facility, multiplied by 
                                the percentage of completion of the 
                                facility or component of a facility; 
                                over
                                    ``(II) the amount taken into 
                                account under paragraph (1)(B) for all 
                                prior taxable years as to such facility 
                                or component of a facility.
                            ``(ii) Carryover of certain amounts.--In 
                        the case of a facility or component of a 
                        facility which is not self-constructed, if for 
                        the taxable year the amount which (but for 
                        clause (i)) would have been taken into account 
                        under paragraph (1)(B) exceeds the amount 
                        allowed by clause (i), then the amount of such 
                        excess shall increase the amount taken into 
                        account under paragraph (1)(B) for the 
                        succeeding taxable year without regard to this 
                        paragraph.
                    ``(D) Determination of percentage of completion.--
                The determination under subparagraph (C) of the portion 
                of the overall cost to the taxpayer of the construction 
                which is properly attributable to construction 
                completed during any taxable year shall be made on the 
                basis of engineering or architectural estimates or on 
                the basis of cost accounting records, using information 
                available at the close of the taxable year in which the 
                credit is being claimed.
                    ``(E) Determination of overall cost.--The 
                determination under subparagraph (C) of the overall 
                cost to the taxpayer of the construction of a facility 
                shall be made on the basis of engineering or 
                architectural estimates or on the basis of cost 
                accounting records, using information available at the 
                close of the taxable year in which the credit is being 
                claimed.
                    ``(F) No progress expenditures for property for 
                year placed in service, etc.--In the case of any 
                qualified nuclear facility, no qualified nuclear 
                facility expenditures shall be taken into account under 
                this subsection for the earlier of--
                            ``(i) the taxable year in which the 
                        facility is placed in service; or
                            ``(ii) the first taxable year for which 
                        recapture is required under section 50(a)(2) 
                        with respect to such facility or for any 
                        taxable year thereafter.
            ``(3) Self-constructed.--For purposes of this subsection--
                    ``(A) In general.--The term `self-constructed 
                facility' means any facility if, at the close of the 
                first taxable year to which the election in this 
                subsection applies, it is reasonable to believe that 
                more than 80 percent of the qualified nuclear facility 
                expenditures for such facility will be made directly by 
                the taxpayer.
                    ``(B) Treatment of components.--A component of a 
                facility shall be treated as not self-constructed if, 
                at the close of the first taxable year in which 
                expenditures for the component are paid, it is 
                reasonable to believe that the cost of the component is 
                at least 5 percent of the expected cost of the 
                facility.
            ``(4) Election.--An election shall be made under this 
        subsection for a qualified nuclear power facility by claiming 
        the nuclear power facility construction credit for expenditures 
        described in paragraph (1) on the taxpayer's return of the tax 
        imposed by this chapter for the taxable year. Such an election 
        shall apply to the taxable year for which made and all 
        subsequent taxable years. Such an election, once made, may be 
        revoked only with the consent of the Secretary.
    ``(d) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Qualified nuclear power facility.--The term 
        `qualified nuclear power facility' means an advanced nuclear 
        facility (as defined in section 45J(d)(2)) which--
                    ``(A) is placed in service before January 1, 2030; 
                and
                    ``(B) when placed in service, will use nuclear 
                power to produce electricity.
        Such term shall not include any property which is part of a 
        facility the production from which is allowed as a credit under 
        section 45J for the taxable year or any subsequent taxable 
        year.
            ``(2) Qualified nuclear power facility expenditures.--The 
        term `qualified nuclear power facility expenditures' means any 
        amount paid, accrued, or properly chargeable to capital 
        account--
                    ``(A) with respect to a qualified nuclear power 
                facility;
                    ``(B) for which depreciation will be allowable 
                under section 168 once the facility is placed in 
                service; and
                    ``(C) which is incurred before the qualified 
                nuclear power facility is placed in service or in 
                connection with the placement of such facility in 
                service.
            ``(3) Delays and suspension of construction.--
                    ``(A) In general.--Except for sales or dispositions 
                between members of the same affiliated group, for 
                purposes of applying this section and section 50, a 
                nuclear power facility that is under construction shall 
                cease, with respect to the taxpayer, to be a qualified 
                nuclear power facility as of the date on which the 
                taxpayer sells, disposes of, or cancels, abandons, or 
                otherwise terminates the construction of, the facility.
                    ``(B) Resumption of construction.--If a nuclear 
                power facility that is under construction ceases, with 
                respect to the taxpayer, to be a qualified nuclear 
                power facility by reason of subparagraph (A) and work 
                is subsequently resumed on the construction of such 
                facility, the qualified nuclear power facility 
                expenditures shall be determined without regard to any 
                delay or temporary termination of construction of the 
                facility.
            ``(4) Coordination with cost-sharing.--The amount of 
        qualified nuclear expenditures of a taxpayer shall be reduced 
        by any amount received under section 952(c)(3) of the Energy 
        Policy Act of 2005.
    ``(e) Application of Other Rules.--Rules similar to the rules of 
subsections (c)(4) and (d) of section 46 (as in effect on the day 
before the enactment of the Revenue Reconciliation Act of 1990) shall 
apply for purposes of this section to the extent not inconsistent 
herewith.
    ``(f) Election To Have Credit Not Apply.--
            ``(1) In general.--A taxpayer may elect to have this 
        section not apply for any taxable year.
            ``(2) Time and manner for making election.--Rules similar 
        to the rules of section 43(e) shall apply for purposes of this 
        subsection.''.
    (c) Special Rule for Basis Adjustment.--Paragraph (3) of section 
50(c) of the Internal Revenue Code of 1986 is amended by inserting ``or 
nuclear power facility construction credit'' after ``energy credit''.
    (d) Provisions Relating to Credit Recapture.--
            (1) Progress expenditure recapture rules.--
                    (A) Basic rules.--Subparagraph (A) of section 
                50(a)(2) of the Internal Revenue Code of 1986 is 
                amended to read as follows:
                    ``(A) In general.--If during any taxable year any 
                building to which section 47(d) applied or any facility 
                to which section 48E(c) applied ceases (by reason of 
                sale or other disposition, cancellation or abandonment 
                of contract, or otherwise) to be, with respect to the 
                taxpayer, property which, when placed in service, will 
                be a qualified rehabilitated building or a qualified 
                nuclear power facility, then the tax under this chapter 
                for such taxable year shall be increased by an amount 
                equal to the aggregate decrease in the credits allowed 
                under section 38 for all prior taxable years which 
                would have resulted solely from reducing to zero the 
                credit determined under this subpart with respect to 
                such building or facility.''.
                    (B) Amendment to excess credit recapture rule.--
                Subparagraph (B) of section 50(a)(2) of such Code is 
                amended by--
                            (i) inserting ``or paragraph (2) of section 
                        48E(b)'' after ``paragraph (2) of section 
                        47(b)''; (ii) inserting ``or section 
                        48E(b)(1)'' after ``section 47(b)(1)''; and 
                        (iii) inserting ``or facility'' after 
                        ``building''.
                    (C) Amendment of sale and leaseback rule.--
                Subparagraph (C) of section 50(a)(2) of such Code is 
                amended by inserting ``or the qualified nuclear power 
                facility expenditures under section 48E(c)'' after 
                ``47(d)''.
                    (D) Coordination.--Subparagraph (D) of section 
                50(a)(2) of such Code is amended by inserting ``or 
                48E(c)'' after ``section 47(d)''.
    (e) Application of At-Risk Rules.--Subparagraph (C) of section 
49(a)(1) of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``and'' at the end of clause (v);
            (2) by striking the period at the end of clause (vi) and 
        inserting ``, and''; and
            (3) by inserting after clause (vi) the following 2 new 
        clause:
                            ``(vii) the basis of any property which is 
                        part of a qualified nuclear power facility 
                        under section 48E.''.
    (f) Denial of Double Benefit.--Subsection (c) of section 45J of the 
Internal Revenue Code of 1986 (relating to other limitations) is 
amended by adding at the end the following new paragraph:
            ``(3) Denial of double benefit.--No credit shall be allowed 
        under this section with respect to any facility for which a 
        credit is allowed under section 48E for such taxable year or 
        any prior taxable year.''.
    (g) Treatment Under Alternative Minimum Tax.--Section 38(c)(4)(B) 
of the Internal Revenue Code of 1986 is amended by striking ```and''' 
at the end of clause (viii), by redesignating clause (ix) as clause 
(x), and by inserting after clause (viii) the following new clause:
                            ``(ix) the credit determined under section 
                        46 to the extent that such credit is 
                        attributable to the nuclear power facility 
                        construction credit under section 48E, and''.
    (h) Coordination With Nuclear Power Grants.--Section 501(c)(12) of 
the Internal Revenue Code of 1986 is amended by adding at the end the 
following new subparagraph:
                    ``(J) In the case of a mutual or cooperative 
                electric company described in this paragraph or an 
                organization described in section 1381(a)(2)(C), 
                subparagraph (A) shall be applied without taking into 
                account any grant received under section 206 of the 
                Enabling the Nuclear Renaissance Act.''.
    (i) Conforming Amendments.--
            (1) Section 6501(m) of the Internal Revenue Code of 1986 is 
        amended by inserting ``48E(f),'' after ``45H(g),''.
            (2) The table of sections for subpart E of part IV of 
        subchapter A of chapter 1 of such Code is amended by inserting 
        after the item relating to section 48D the following new item:

``Sec. 48E. Nuclear power facility construction credit.''.
    (j) Effective Date.--The amendments made by this section shall 
apply to periods after the date of enactment of this Act, under rules 
similar to the rules of section 48(m) of the Internal Revenue Code of 
1986 (as in effect on the day before the date of the enactment of the 
Revenue Reconciliation Act of 1990).

SEC. 203. INCLUSION OF NUCLEAR POWER FACILITIES IN ADVANCED ENERGY 
              PROJECT TAX CREDITS.

    (a) In General.--Clause (i) of section 48C(c)(1)(A) of the Internal 
Revenue Code of 1986 is amended by striking ``or'' at the end of 
subclause (VI), by redesignating subclause (VIII) as subclause (IX) , 
and by inserting after subclause (VI) the following new subclause:
                                    ``(VII) property designed to be 
                                used to produce energy from an advanced 
                                nuclear power facility (as defined in 
                                section 45J(d)), and''.
    (b) Increase in Credit Allocation Limitation.--Subparagraph (B) of 
section 48C(d)(l) of the Internal Revenue Code of 1986 is amended by 
striking ``$2,300,000,000'' and inserting ``$7,300,000,000''.
    (c) Extension of Application Period.--Subparagraph (A) of section 
48C(d)(2) of the Internal Revenue Code of 1986 is amended by striking 
``2-year period'' and inserting ``5-year period''.
    (d) Extension of Period of Issuance.--Subparagraph (C) of section 
48C(d)(2) of the Internal Revenue Code of 1986 is amended by striking 
``3 years'' and inserting ``7 years''.
    (e) Coordination With Cost-Sharing.--Section 48C of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
subsection:
    ``(f) Coordination With Cost-Sharing.--The qualified investment 
with respect to any project described in subsection (c)(1)(A)(i)(VII) 
shall be reduced by any amount received under section 952(c)(3) of the 
Energy Policy Act of 2005.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 204. MODIFICATION OF CREDIT FOR PRODUCTION FROM ADVANCED NUCLEAR 
              POWER FACILITIES.

    (a) Increase in National Limitation.--Paragraph (2) of section 
45J(b) of the Internal Revenue Code (relating to national limitation) 
is amended by striking ``6,000 megawatts'' and inserting ``8,000 
megawatts''.
    (b) Repeal of Ownership Restriction.--Subparagraph (A) of section 
45J(d)(1) of the Internal Revenue Code of 1986 is amended by striking 
``which is owned by the taxpayer and''.
    (c) Treatment Under Alternative Minimum Tax.--Section 38(c)(4)(B) 
of the Internal Revenue Code of 1986, as amended by section 202, is 
amended by redesignating clauses (vi) through (x) as clauses (vii) 
through (xi), respectively, and by inserting after clause (v) the 
following new clause:
                            ``(vi) the credit determined under section 
                        45J,''.
    (d) Allocation of Credit to Private Partners of Tax-Exempt 
Entities.--
            (1) In general.--Section 45J of the Internal Revenue Code 
        of 1986 (relating to credit for production from advanced 
        nuclear power facilities) is amended--
                    (A) by redesignating subsection (e) as subsection 
                (f); and
                    (B) by inserting after subsection (d) the following 
                new subsection:
    ``(e) Special Rule for Public-Private Partnerships.--
            ``(1) In general.--In the case of an advanced nuclear power 
        facility which is owned by a public private partnership or co-
        owned by a qualified public entity and a non-public entity, any 
        qualified public entity which is a member of such partnership 
        or a co-owner of such facility may transfer such entity's 
        allocation of the credit under subsection (a) to any non-public 
        entity which is a member of such partnership or which is a co-
        owner of such facility, except that the aggregate allocations 
        of such credit claimed by such non-public entity shall be 
        subject to the limitations under subsections (b) and (c) and 
        section 38.
            ``(2) Qualified public entity.--For purposes of this 
        subsection, the term `qualified public entity' means--
                    ``(A) a Federal, State, or local government entity, 
                or any political subdivision or agency or 
                instrumentality thereof;
                    ``(B) a mutual or cooperative electric company 
                described in section 501(c)(12) or section 1381(a)(2); 
                or
                    ``(C) a not-for-profit electric utility which has 
                or had received a loan or loan guarantee under the 
                Rural Electrification Act of 1936.
            ``(3) Verification of transfer of allocation.--A qualified 
        public entity that makes a transfer under paragraph (1), and a 
        nonpublic entity that receives an allocation under such a 
        transfer, shall provide verification of such transfer in such 
        manner and at such time as the Secretary shall prescribe.
            ``(4) Coordination with department of treasury grants.--In 
        the case of any property with respect to which the Secretary 
        makes a grant to a qualified public entity under section 206 of 
        the Enabling the Nuclear Renaissance Act, no credit that would 
        be allocable to a qualified public entity shall be determined 
        under this section for the taxable year in which such grant is 
        made or any subsequent taxable year.
            ``(5) Coordination with general business credit.--
        Subsection (c) of section 38 of such Code (relating to 
        limitation based on amount of tax) is amended by adding at the 
        end the following new paragraph:
            ``(6) Special rule for credit for production from advanced 
        nuclear power facilities.--
                    ``(A) In general.--In the case of the credit for 
                production from advanced nuclear power facilities 
                determined under section 45J(a), paragraph (1) shall 
                not apply with respect to any qualified public entity 
                (as defined in section 45J(e)(2)) which transfers the 
                entity's allocation of such credit to a non-public 
                partner or a co-owner of such facility as provided in 
                section 45J(e)(1).
                    ``(B) Verification of transfer.--Subparagraph (A) 
                shall not apply to any qualified public entity unless 
                such entity provides verification of a transfer of 
                credit allocation as required under section 45J(e)(3).
            ``(7) Special rule for proceeds of transfers for mutual or 
        cooperative electric companies.--Section 501(c)(12) of such 
        Code is amended by adding at the end the following new 
        subparagraph:
                    ``(A) In the case of a mutual or cooperative 
                electric company described in this paragraph or an 
                organization described in section 1381(a)(2), income 
                received or accrued from a transfer described in 
                section 45J(e)(1) shall be treated as an amount 
                collected from members for the sole purpose of meeting 
                losses and expenses.''.
    (e) Effective Date.--
            (1) In general.--The amendments made by subsections (a) and 
        (b) shall apply to electricity produced in taxable years 
        beginning after the date of the enactment of this Act.
            (2) Treatment under alternative minimum tax.--The 
        amendments made by subsection (c) shall apply to credits 
        determined under section 45J of the Internal Revenue Code of 
        1986 in taxable years ending after the date of the enactment of 
        this Act and to carrybacks of such credits.
            (3) Allocation of credit.--The amendments made by 
        subsection (d) shall apply to taxable years beginning after the 
        date of the enactment of this Act.

SEC. 205. TREATMENT OF QUALIFIED PUBLIC ENTITIES WITH RESPECT TO 
              PRIVATE ACTIVITY BONDS.

    (a) Private Business Test.--Section 141(b)(6)(A) of the Internal 
Revenue Code of 1986 is amended by inserting ``or qualified public 
entity (as defined in section 45J(e)(2))'' adding at the end the 
following new subparagraph:
                    ``(C) Exception for certain uses by qualified 
                public entities.--For purposes of subparagraph (A), the 
                term `private business use' shall not include any use 
                with respect to a qualified nuclear power facility (as 
                defined under section 48E(d)(1) without regard to the 
                last sentence thereof) by a qualified public entity (as 
                defined in section 45J(e)(2)).''.
    (b) Private Loan Financing Test.--Section 141(c) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(3) Exception for qualified public entities.--For 
        purposes of paragraph (1), in the case of any loan to a 
        qualified public entity (as defined in section 45J(e)(2)), any 
        amounts to be used for qualified nuclear power facilities (as 
        defined under section 48E(d)(1) without regard to the last 
        sentence thereof) shall be not be taken into account.''.
    (c) Effective Date.--The amendment made by this section shall apply 
to obligations issued after the date of the enactment of this Act.

SEC. 206. GRANTS FOR QUALIFIED NUCLEAR POWER FACILITY EXPENDITURES IN 
              LIEU OF TAX CREDITS.

    (a) In General.--Upon application, the Secretary of the Treasury 
shall, subject to the requirements of this section, provide a grant to 
each qualified public entity which places in service a qualified 
nuclear power facility to reimburse such qualified public entity for a 
portion of the qualified nuclear power facility expenditures of such 
property as provided in subsection (b).
    (b) Grant Amount.--The amount of the grant under subsection (a) 
with respect to a qualified nuclear power facility shall be 10 percent 
of the qualified nuclear power facility expenditures.
    (c) Time for Payment of Grant.--The Secretary of the Treasury shall 
make payment of any grant under subsection (a) during the 60-day period 
beginning on the later of--
            (1) the date of the application for such grant; or
            (2) the date the qualified nuclear power facility for which 
        the grant is being made is placed in service.
    (d) Qualified Public Entity.--For purposes of this section, the 
term ``qualified public entity'' shall have the meaning given such term 
in section 45J(e)(2) of the Internal Revenue Code of 1986.
    (e) Coordination With Section 48E.--For purposes of this section--
            (1) the definition of qualified nuclear power facility in 
        section 48E(d)(1) of the Internal Revenue Code of 1986 shall be 
        applied without regard to the last sentence thereof; and
            (2) expenditures will be treated as qualified nuclear power 
        facility expenditures without regard to section 48E(d)(2)(B) of 
        such Code.
    (f) Coordination With Cost-Sharing.--The amount of qualified 
nuclear expenditures which are eligible for a grant under subsection 
(a) shall be reduced by any amount received under section 952(c)(3) of 
the Energy Policy Act of 2005.
    (g) Application of Certain Rules.--In making grants under this 
section, the Secretary of the Treasury shall apply rules similar to the 
rules of section 50 of the Internal Revenue Code of 1986. In applying 
such rules, if the property is disposed of, or otherwise ceases to be a 
qualified nuclear power facility, the Secretary of the Treasury shall 
provide for the recapture of the appropriate percentage of the grant 
amount in such manner as the Secretary of the Treasury determines 
appropriate. In applying section 50 of the Internal Revenue Code of 
1986, subsection (b)(4)(A)(i) of such section shall not apply.
    (h) Definitions.--Terms used in this section which are also used in 
section 48E of the Internal Revenue Code of 1986 shall have the same 
meaning for purposes of this section as when used in such section 48E. 
Any reference in this section to the Secretary of the Treasury shall be 
treated as including the Secretary's delegate.
    (i) Appropriations.--There is hereby appropriated to the Secretary 
of the Treasury such sums as may be necessary to carry out this 
section.
    (j) Termination.--The Secretary of the Treasury shall not make any 
grant to any person under this section unless the application of such 
person for such grant is received before January 1, 2030.

SEC. 207. ASME NUCLEAR CERTIFICATION CREDIT.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to business related 
credits) is amended by adding at the end the following new section:

``SEC. 45S. ASME NUCLEAR CERTIFICATION CREDIT.

    ``(a) In General.--For purposes of section 38, the ASME nuclear 
certification credit determined under this section for any taxable year 
is an amount equal to 15 percent of the qualified nuclear expenditures 
paid or incurred by the taxpayer.
    ``(b) Qualified Nuclear Expenditures.--For purposes of this 
section, the term `qualified nuclear expenditures' means any 
expenditure related to--
            ``(1) obtaining a new certification under the American 
        Society of Mechanical Engineers Nuclear Component Certification 
        program;
            ``(2) recertifying, changing, or otherwise upgrading an 
        existing certification under the American Society of Mechanical 
        Engineers Nuclear Component Certification program; or
            ``(3) increasing the taxpayer's capacity to construct, 
        fabricate, assemble, or install components--
                    ``(A) for any facility which uses nuclear energy to 
                produce electricity, and
                    ``(B) with respect to the construction, 
                fabrication, assembly, or installation of which the 
                taxpayer is certified under such program.
    ``(c) Timing of Credit.--The credit allowed under subsection (a) 
for any expenditures shall be allowed--
            ``(1) in the case of a qualified nuclear expenditure 
        described in subsection (b)(1), for the taxable year of such 
        certification, and
            ``(2) in the case of any other qualified nuclear 
        expenditure, for the taxable year in which such expenditure is 
        paid or incurred.
    ``(d) Special Rules.--
            ``(1) Basis adjustment.--For purposes of this subtitle, if 
        a credit is allowed under this section for an expenditure, the 
        increase in basis which would result (but for this subsection) 
        for such expenditure shall be reduced by the amount of the 
        credit allowed under this section.
            ``(2) Denial of double benefit.--No deduction shall be 
        allowed under this chapter for any amount taken into account in 
        determining the credit under this section.
            ``(3) Coordination with cost-sharing.--The amount of 
        qualified nuclear expenditures of a taxpayer shall be reduced 
        by any amount received under section 952(c)(3) of the Energy 
        Policy Act of 2005.
    ``(e) Termination.--This section shall not apply to any 
expenditures paid or incurred in taxable years beginning after December 
31, 2025.''.
    (b) Conforming Amendments.--
            (1) Subsection (b) of section 38 of such Code is amended by 
        striking ``plus'' at the end of paragraph (35), by striking the 
        period at the end of paragraph (36) and inserting ``, plus'', 
        and by adding at the end the following new paragraph:
            ``(37) the ASME nuclear certification credit determined 
        under section 45S(a).''.
            (2) Subsection (a) of section 1016 of such Code(relating to 
        adjustments to basis) is amended by striking ``and'' at the end 
        of paragraph (36), by striking the period at the end of 
        paragraph (37) and inserting ``, and'', and by adding at the 
        end the following new paragraph:
            ``(38) to the extent provided in section 45S(e)(1).''.
            (3) The table of sections for subpart D of part IV of 
        subchapter A of chapter 1 of such Code is amended by inserting 
        after the item relating to section 45R the following new item:

``Sec. 45S. ASME nuclear certification credit.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to expenditures paid or incurred in taxable years beginning after 
December 31, 2010.

SEC. 208. TITLE 17 INNOVATIVE TECHNOLOGY LOAN GUARANTEE PROGRAM.

    (a) Funding.--The matter under the heading ``Title 17 Innovative 
Technology Loan Guarantee Program'' of title III of division C of the 
Omnibus Appropriations Act, 2009 (Public Law 111-8; 123 Stat. 619) is 
amended, in the matter preceding the first proviso--
            (1) by striking ``$47,000,000,000'' and inserting 
        ``$100,000,000,000''; and
            (2) by striking ``$18,500,000,000'' and inserting 
        ``$54,000,000,000''.
    (b) Terms and Conditions.--Section 1702 of the Energy Policy Act of 
2005 (42 U.S.C. 16512) is amended--
            (1) by striking subsection (b) and inserting the following:
    ``(b) Specific Appropriation or Contribution.--No guarantee shall 
be made unless--
            ``(1) an appropriation for the cost has been made;
            ``(2) the borrower has agreed to pay the cost of the 
        obligation pursuant to a method of payment described in 
        subsection (m); or
            ``(3) a combination of an appropriation and a commitment 
        for payment from the borrower, pursuant to subsection (m), has 
        been made that is sufficient to cover the cost of the 
        obligation.''; and
            (2) by adding at the end the following:
    ``(l) Determination of the Cost of the Obligation.--
            ``(1) In general.--In the case of any proposed loan 
        guarantee that is greater than $1,000,000,000, the Secretary 
        shall determine the cost of the obligation on the basis of a 
        project-specific financial risk assessment that--
                    ``(A) reflects the estimated probability of default 
                commensurate with the credit assessment performed by an 
                independent rating agency:
                    ``(B) reflects the value of the recovery in the 
                event of default that is estimated on the basis of the 
                best value to the Federal Government, reflecting a 
                recovery plan submitted by the borrower; and
                    ``(C) has been made available to the borrower for 
                review and comment in draft form prior to a final 
                determination.
            ``(2) Cost of obligation paid by borrower.--If the cost of 
        the obligation is paid by the borrower in accordance with 
        subsection (b)(2), the Secretary may consult with the Director 
        of Office of Management and Budget on the estimated cost of the 
        obligation, but the determination of the Secretary shall be 
        final.
    ``(m) Method of Payment.--The borrower may provide payment for the 
cost of the obligation under paragraph (2) or (3) of subsection (b) 
by--
            ``(1) paying the cost of the obligation in full at the time 
        of the initial drawdown of funds against the guaranteed 
        obligation;
            ``(2) including the cost of the obligation within the total 
        principal amount of the obligation, which shall be paid in full 
        to the Secretary at the time of the initial drawdown of funds 
        against the guaranteed obligation; or
            ``(3) providing evidence of financial assurance at the time 
        of final approval of the guarantee financial closing to pay the 
        cost of the obligation, in the form of a letter of credit, 
        performance bond, or corporate guarantee acceptable to the 
        Secretary, with payments to the Secretary on a pro-rata basis 
        with each drawdown of funds against the obligation.
    ``(n) Relation to Other Laws.--Section 504(b) of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661c(b)) shall not apply to a loan 
guarantee under this section.
    ``(o) Accelerated Reviews.--To the maximum extent practicable and 
consistent with sound business practices, the Secretary shall seek to 
conduct necessary reviews concurrently of an application for a loan 
guarantee under this title such that decisions as to whether to enter 
into a commitment on the application can be issued not later than 180 
days after the date of submission of a completed application.''.
    (c) Eligible Projects.--Section 1703(b)(4) of the Energy Policy Act 
of 2005 (42 U.S.C. 16513(b)(4)) is amended by inserting ``(including 
nuclear power parts, services, and fuel suppliers, as well as small 
modular reactors)'' after ``energy facilities''.

   TITLE III--ACCELERATING THE DEVELOPMENT OF SMALL MODULAR REACTORS

SEC. 301. SMALL MODULAR REACTOR DEVELOPMENT AND LICENSING.

    (a) Small Modular Reactor Design Development.--Section 952(c) of 
the Energy Policy Act of 2005 (42 U.S.C. 16272(c)) is amended by adding 
at the end the following:
            ``(3) Small modular nuclear reactor design development.--
                    ``(A) In general.--In carrying out the Program, in 
                accordance with subparagraph (B), the Secretary shall 
                offer to enter into cooperative agreements with reactor 
                manufacturers, industrial users, and electric utilities 
                to develop and license small modular reactors with a 
                rated capacity of less than 350 electrical megawatts 
                that could be--
                            ``(i) preassembled separately from a site; 
                        and
                            ``(ii)(I) operated singly; or
                            ``(II) operated in combination with similar 
                        reactors at a single site.
                    ``(B) Requirements.--In carrying out subparagraph 
                (A), the Secretary shall--
                            ``(i) after considering input from the 
                        National Nuclear Energy Council established 
                        under section 602(a) of the Enabling the 
                        Nuclear Renaissance Act regarding the merits of 
                        various designs, ensure that the most feasible 
                        designs are developed and submitted to the 
                        Nuclear Regulatory Commission for design 
                        certification and licensing;
                            ``(ii) with respect to each reactor design 
                        to be developed, pay to the applicants 50 
                        percent of any costs arising from the design 
                        development and engineering, preapplication 
                        design certification and early site permit 
                        development and licensing, design and licensing 
                        reviews, design certification and licensing 
                        fees of the Nuclear Regulatory Commission, and 
                        postapplication engineering development of--
                                    ``(I) the design certification of 
                                the reactor;
                                    ``(II) the first early site permits 
                                for the reactor; and
                                    ``(III) the first combined 
                                operating license for the reactor; and
                            ``(iii) with respect to each reactor design 
                        that receives a combined license, pay to the 
                        combined license holder 50 percent of any costs 
                        arising from construction of the first reactor 
                        plant.
                    ``(C) Programs.--The Secretary shall carry out--
                            ``(i) a program--
                                    ``(I) to develop designs for 
                                several small modular reactors; and
                                    ``(II) through which to obtain a 
                                design certification from the Nuclear 
                                Regulatory Commission for not less than 
                                1 design by January 1, 2016;
                            ``(ii) a program--
                                    ``(I) to demonstrate the licensing 
                                of small modular reactors by developing 
                                applications for a combined license for 
                                each design certified under clause 
                                (i)(II); and
                                    ``(II) through which to obtain a 
                                combined license from the Nuclear 
                                Regulatory Commission for not less than 
                                1 design certified under clause (i)(II) 
                                by January 1, 2018; and
                            ``(iii) a program to demonstrate by January 
                        1, 2021, the construction and operation of 
                        small modular reactors by constructing and 
                        achieving power operation of not less than 1 
                        small modular reactor licensed under clause 
                        (ii)(II).
                    ``(D) Target dates for completion.--
                            ``(i) In general.--To the maximum extent 
                        practicable, and through the best efforts of 
                        the Secretary, the Secretary shall ensure that 
                        the Program meets the applicable target dates 
                        described in subparagraph (C).
                            ``(ii) Report.--If the Secretary determines 
                        that any target date described in subparagraph 
                        (C) will not be met, the Secretary shall submit 
                        to the appropriate committees of Congress a 
                        report that establishes an alternate target 
                        date for completion.
                    ``(E) Merit review of proposals.--The Secretary 
                shall select proposals for cooperative agreements under 
                this paragraph--
                            ``(i) through the use of competitive 
                        procedures; and
                            ``(ii) on the basis of an impartial review 
                        of the merit of the proposals that takes into 
                        account--
                                    ``(I) the safety, demonstrated and 
                                potential market demand, technical 
                                merit and feasibility, efficiency, 
                                cost, used fuel disposal, and 
                                proliferation resistance of each 
                                competing reactor designs; and
                                    ``(II) input from the National 
                                Nuclear Energy Council established 
                                under section 602(a) of the Enabling 
                                the Nuclear Renaissance Act.
                    ``(F) Authorization of appropriations.--
                            ``(i) Department of energy.--There is 
                        authorized to be appropriated to the Secretary 
                        to carry out this paragraph $100,000,000 for 
                        each of fiscal years 2011 through 2020, to 
                        remain available until expended.
                            ``(ii) Nuclear regulatory commission.--
                        There are authorized to be appropriated to the 
                        Nuclear Regulatory Commission to carry out this 
                        section such sums as are necessary.''.

               TITLE IV--IMPROVING THE LICENSING PROCESS

SEC. 401. ELIMINATION OF MANDATORY HEARING FOR UNCONTESTED LICENSE 
              APPLICATIONS.

    (a) Permits and Licenses.--Section 185 b. of the Atomic Energy Act 
of 1954 (42 U.S.C. 2235 b.) is amended in the first sentence--
            (1) by striking ``public hearing'' and inserting 
        ``hearing''; and
            (2) by inserting ``or if the Commission has determined that 
        no hearing is required to be held under that section,'' after 
        ``section 189 a. (1)(A),''.
    (b) Hearings and Judicial Review.--Section 189 of the Atomic Energy 
Act of 1954 (42 U.S.C. 2239) is amended--
            (1) in subsection a.--
                    (A) in paragraph (1)(A)--
                            (i) in the second sentence--
                                    (I) by striking ``The Commission'' 
                                and all that follows through ``Federal 
                                Register, on'' and inserting ``On'';
                                    (II) by inserting ``or an operating 
                                license'' after ``construction permit'' 
                                each place it appears; and
                                    (III) by striking the period at the 
                                end; and
                            (ii) in the third sentence--
                                    (I) by striking ``In cases'' and 
                                all that follows through ``such a 
                                hearing'';
                                    (II) by striking ``therefor'' and 
                                inserting ``for a hearing''; and
                                    (III) by striking ``issue an 
                                operating license'' and inserting 
                                ``issue a construction permit, an 
                                operating license,''; and
                    (B) in paragraph (2)(A), in the second sentence, by 
                striking ``required hearing'' and inserting ``hearing 
                held by the Commission under this section''; and
            (2) in subsection b. (2), by striking ``to begin 
        operating'' and inserting ``to operate''.
    (c) Adjudicatory Hearing.--Section 193(b) of the Atomic Energy Act 
of 1954 (42 U.S.C. 2243(b)) is amended--
            (1) in paragraph (1), by striking ``on the record'' and all 
        that follows through ``and 63'' and inserting ``if a person the 
        interest of whom may be affected by the construction and 
        operation of a uranium enrichment facility under sections 53 
        and 63 has requested a hearing regarding the licensing of the 
        construction and operation of the facility''; and
            (2) in paragraph (2), by striking ``Such hearing'' and 
        inserting ``If a hearing is held under paragraph (1), the 
        hearing''.
    (d) Applicability.--The amendments made by this section shall apply 
with respect to each application and proceeding pending before the 
Nuclear Regulatory Commission as of the date of enactment of this Act.

SEC. 402. WASTE CONFIDENCE.

    Section 182 of the Atomic Energy Act of 1954 (42 U.S.C. 2232) is 
amended by adding at the end the following:
    ``(e) Nuclear Waste Confidence.--In considering applications for 
the construction and operation of a nuclear facility submitted to the 
Commission under section 103 or 104, the Commission shall assume that 
sufficient capacity will be available in a timely manner to dispose of 
spent nuclear fuel and high-level radioactive waste resulting from the 
operation of the nuclear facility that is the subject of the 
application.''.

SEC. 403. ENVIRONMENTAL REVIEWS FOR NUCLEAR ENERGY PROJECTS.

    Section 185 b. of the Atomic Energy Act of 1954 (42 U.S.C. 2235 b.) 
is amended by adding at the end the following:
    ``(c) Environmental Reviews for Nuclear Energy Projects.--
            ``(1) In general.--In a proceeding for a combined 
        construction permit and operating license for a site for which 
        an early site permit has been issued, any environmental impact 
        statement prepared by the Commission and cooperating agencies 
        shall be prepared as a supplement to the environmental impact 
        statement prepared for the early site permit.
            ``(2) Incorporation by reference.--The supplemental 
        environmental impact statement shall incorporate by reference 
        the analysis, findings, and conclusions from the environmental 
        impact statement prepared for the early site permit, 
        supplementing the discussion, analyses, findings, and 
        conclusions on matters resolved in the early site permit 
        proceeding only to the extent necessary to address information 
        that is--
                    ``(A) new; and
                    ``(B) significant in that the information would 
                materially change the prior findings or conclusions.
            ``(3) Regulations.--Not later than 90 days after the date 
        of enactment of this subsection, the Commission shall initiate 
        rulemaking to amend the regulations of the Commission to 
        implement this subsection.
            ``(4) Relationship to other law.--Nothing in this section 
        exempts the Commission from any requirement for full compliance 
        with section 102(2)(C) of the National Environmental Policy Act 
        of 1969 (42 U.S.C. 4332(2)(C)).''.

               TITLE V--DEVELOPING THE NUCLEAR WORKFORCE

SEC. 501. TRAINING THE NEXT GENERATION NUCLEAR WORKFORCE.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated to the Secretary of Energy to carry out each authorized 
use described in subsection (b) $15,000,000 for each of fiscal years 
2011 through 2020.
    (b) Use of Funds.--Of the amounts made available under subsection 
(a), the Secretary of Energy shall--
            (1) use such amounts as are necessary to increase the 
        number and amounts of nuclear science talent expansion grants 
        and nuclear science competitiveness grants provided under 
        section 5004 of the America COMPETES Act (42 U.S.C. 16532);
            (2) in coordination with the Secretary of Education, use 
        $5,000,000 to support nuclear science and engineering in 
        primary and secondary education in the United States; and
            (3) in coordination with the Secretary of Labor, and in 
        consultation with nuclear energy entities and organized labor, 
        use $5,000,000 to expand workforce training to meet the high 
        demand for workers skilled in nuclear power plant construction 
        and operation, including programs for--
                    (A) electrical craft certification;
                    (B) preapprenticeship career technical education 
                for industrialized skilled crafts that are useful in 
                the construction of nuclear power plants;
                    (C) community college and skill center training for 
                nuclear power plant technicians;
                    (D) training of construction management personnel 
                for nuclear power plant construction projects; and
                    (E) regional grants for integrated nuclear energy 
                workforce development programs.

                  TITLE VI--DEVELOPING INFRASTRUCTURE

SEC. 601. DEFINITIONS.

    In this title:
            (1) Advisory committee.--The term ``Advisory Committee'' 
        means the Advisory Committee on Energy Park Development 
        established under section 604(a).
            (2) Council.--The term ``Council'' means the National 
        Nuclear Energy Council established under section 602(a).
            (3) Department.--The term ``Department'' means the 
        Department of Energy.
            (4) Initiative.--The term ``Initiative'' means the Energy 
        Park Initiative established under section 603(a).
            (5) Institution of higher education.--The term 
        ``institution of higher education'' has the meaning given the 
        term in section 101(a) of the Higher Education Act of 1965 (20 
        U.S.C. 1001(a)).
            (6) National laboratory.--The term ``National Laboratory'' 
        has the meaning given the term in section 2 of the Energy 
        Policy Act of 2005 (42 U.S.C. 15801).
            (7) Program.--The term ``Program'' means the ``N'' Prize 
        Program described in section 605(a).
            (8) Secretary.--The term ``Secretary'' means the Secretary 
        of Energy.

SEC. 602. NATIONAL NUCLEAR ENERGY COUNCIL.

    (a) Establishment.--As soon as practicable, but not later than 90 
days after the date of enactment of this Act, the Secretary shall 
establish a council to be known as the ``National Nuclear Energy 
Council''.
    (b) Membership; Chairperson.--
            (1) Membership.--The Secretary shall appoint each member of 
        the Council.
            (2) Composition.--The Council shall be composed of 15 
        members, of which not less than 6 members shall represent the 
        nuclear energy industry in the United States and international 
        marketplace.
            (3) Chairperson.--The Council shall select a Chairperson 
        from among the members of the Council.
    (c) Study and Administrative Committees.--
            (1) In general.--The Chairman of the Council may establish 
        1 or more study and administrative committees as the Chairman 
        of the Council determines to be appropriate.
            (2) Study committees.--
                    (A) Use.--A study committee established under 
                paragraph (1) may only assist the Council in preparing 
                any advice, information, or recommendation.
                    (B) Authority.--In carrying out subparagraph (A), a 
                study committee may--
                            (i) carry out 1 or more studies; and
                            (ii) submit to the Chairperson of the 
                        Council a report that contains a description of 
                        the results of each study carried out under 
                        clause (i).
            (3) Purpose of administrative committees.--An 
        administrative committee may be established under paragraph (1) 
        solely for the purpose of assisting the Council in the 
        management of the internal affairs of the Council.
    (d) Meetings.--
            (1) Frequency.--The Chairperson of the Council shall call a 
        meeting of the Council not less than 2 times per calendar year.
            (2) Public notice.--The Chairperson of the Council shall 
        ensure that--
                    (A) the time and location of each meeting of the 
                Council is made publicly available; and
                    (B) each meeting of the Council is open to the 
                public.
    (e) Federal Advisory Committee Act.--The Council shall be subject 
to the Federal Advisory Committee Act (5 U.S.C. App.).
    (f) Duties.--
            (1) In general.--The Council shall--
                    (A) serve in an advisory capacity to the Secretary 
                on matters relating to nuclear energy to provide a 
                forum for industry, the President, Federal agencies, 
                National Laboratories, and the financial community to 
                develop a common understanding and vision in continuing 
                a nuclear renaissance in the United States;
                    (B) initiate, advise, inform, and make 
                recommendations to the Secretary with respect to any 
                matter relating to nuclear energy, including 
                implementation strategies, challenges, and gaps needed 
                to improve competitiveness in the national and 
                international marketplace, including--
                            (i) enhancing operating nuclear facilities;
                            (ii) developing new nuclear facilities 
                        (considering safety, market demand, financial 
                        aspects, and licensing issues);
                            (iii) developing infrastructure for human 
                        capital and manufacturing; and
                            (iv) considering issues regarding the 
                        nuclear fuel cycle; and
                    (C) develop guidance to investors of nuclear energy 
                initiatives as the Council determines to be appropriate 
                to assist the investors in bringing products and 
                services of the investors to the marketplace.
            (2) Annual reports.--Not later than 1 year after the date 
        of enactment of this Act and annually thereafter, the 
        Chairperson of the Council shall submit to the President, the 
        Secretary, and the appropriate committees of Congress a report 
        that, for the period covered by the report, contains--
                    (A) a description of each action carried out under 
                this section (including any resulting input and 
                recommendations to the Secretary); and
                    (B) recommendations of the Chairperson of the 
                Council regarding any action that has or, in the 
                judgement of the Chairperson of the Council, should be 
                taken to carry out this section.
    (g) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as are necessary.

SEC. 603. ENERGY PARK INITIATIVE.

    (a) Establishment.--As soon as practicable after the date of 
enactment of this Act, the Secretary shall establish a program to be 
known as the ``Energy Park Initiative'' to address strategies of the 
Federal Government for the transition, reuse, and economic development 
of Department of Energy nuclear sites and facilities (with particular 
emphasis on Department of Energy nuclear sites and facilities that 
require environmental remediation).
    (b) Objectives.--The Initiative shall take into consideration the 
following objectives:
            (1) Energy security, energy independence, nuclear material 
        disposition, and energy sector employment.
            (2) Reducing the active area and total number of sites that 
        require environmental remediation.
            (3) Reducing the overall life-cycle cost of the 
        environmental cleanup program of the Department.
            (4) Converting the liabilities of the Office of 
        Environmental Management of the Department (including 
        contaminated sites, facilities, and materials) into assets to 
        solve critical national energy issues.
            (5) Demonstrating the effective partnering of the 
        Department, other Federal agencies, private industry, State and 
        local governments, and local communities.
            (6) Accelerating the siting and permitting of new energy 
        facilities by benefitting from the extensive meteorological, 
        technical, and natural resource data obtained through--
                    (A) previously conducted activities of the 
                Department; and
                    (B) the experience of the workforce of the 
                Department.
            (7) Preserving and enhancing the economies of State and 
        local host communities of Department sites, with emphasis on 
        sites under the jurisdiction of the Office of Environmental 
        Management of the Department with energy reindustrialization.
    (c) Administration.--
            (1) In general.--The Initiative shall be managed by the 
        Deputy Secretary, in coordination with each other major program 
        office of the Department.
            (2) Inclusions.--The Initiative shall be carried out in a 
        manner to ensure--
                    (A) the use of the expertise and capabilities of 
                industry, institutions of higher education, and 
                National Laboratories; and
                    (B) the participation of the Advisory Committee.
    (d) Reports.--
            (1) Annual reports.--Not later than 1 year after the date 
        of enactment of this Act and annually thereafter, the Secretary 
        shall submit to the appropriate committees of Congress a report 
        that contains, for the period covered by the report, a 
        description of--
                    (A) each action carried out under this section; and
                    (B) any recommendations of the Secretary for 
                further action (including any budget recommendations 
                and recommendations for legislative changes to Federal 
                laws).
            (2) Site capability report.--Not later than 180 days after 
        the date of enactment of this Act, the Secretary shall submit 
        to the appropriate committees of Congress a report that 
        contains--
                    (A) an initial evaluation of key assets for which 
                accelerated completion of the Initiative is feasible;
                    (B) a description prepared in collaboration with 
                State and local stakeholders that establishes the most 
                significant parameters for development, which shall 
                include--
                            (i) infrastructure (including roads, 
                        buildings, equipment, utilities, barge and rail 
                        access, transmission systems, and specialty 
                        features and capability);
                            (ii) natural resources;
                            (iii) institutional controls (including 
                        physical control, water rights, permits for the 
                        National Pollutant Discharge Elimination System 
                        and other permits, buffer areas, environmental 
                        and seismic characterization, and security); 
                        and
                            (iv) human and economic capital, including 
                        an estimate of jobs involved; and
                    (C) an estimate of--
                            (i) the resources required to accelerate 
                        completion of the Initiative;
                            (ii) each timeframe for the accelerated 
                        completion of the Initiative, and
                            (iii) the number of jobs involved during 
                        each applicable timeframe.
    (e) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary to carry out this section $10,000,000 for 
each of fiscal years 2011 through 2015.

SEC. 604. ADVISORY COMMITTEE ON ENERGY PARK DEVELOPMENT.

    (a) Establishment.--Not later than 180 days after the date of 
enactment of this Act, the Secretary shall establish an advisory 
committee to be known as the ``Advisory Committee on Energy Park 
Development'' to provide advice and recommendations to the Secretary on 
the development of energy parks at Department sites and facilities, 
with particular emphasis on the reuse of the assets of the Office of 
Environmental Management of the Department to maximize redevelopment 
benefits for communities.
    (b) Membership.--The Secretary shall ensure that the Advisory 
Committee has a balanced membership that includes members with 
expertise in--
            (1) State and local governmental programs;
            (2) independent economic development associations or local 
        economic development councils; and
            (3) environmental health, including experience in radiation 
        health physics and industrial hygiene.
    (c) Meetings.--The Secretary shall establish a regular schedule of 
meetings for the Advisory Committee.
    (d) Duties.--
            (1) In general.--The Advisory Committee shall provide 
        advice and expertise to the Secretary to assist the Secretary 
        in carrying out the duties of the Secretary under this 
        subtitle.
            (2) Coordination.--In carrying out the duties of the 
        Advisory Committee, to the maximum extent practicable, the 
        Advisory Committee shall solicit advice and recommendations 
        from community and external liaison groups (with emphasis on 
        Environmental Management Site-Specific Advisory Boards), 
        including--
                    (A) the National Governors Association;
                    (B) the National Association of Attorneys General;
                    (C) State and tribal governments;
                    (D) working groups;
                    (E) the Energy Communities Alliance; and
                    (F) the Environmental Council of the States.
    (e) Federal Advisory Committee Act Exemption.--The Advisory 
Committee shall not be subject to section 14 of the Federal Advisory 
Committee Act (5 U.S.C. App.).

SEC. 605. `N' PRIZE PROGRAM AUTHORITY.

    (a) Authority.--The Secretary shall establish and carry out a 
program--
            (1) to be known as the ```N' Prize Program''; and
            (2) to award cash prizes in recognition of a limited number 
        of breakthrough achievements in research, development, 
        demonstration, and commercial application that the Secretary 
        considers to have the potential for application with respect to 
        the performance of the nuclear mission of the Department.
    (b) Competition Requirements.--The Program may include prizes for 
the achievement of goals established by the Secretary in a specific 
area through a widely advertised solicitation for submission of results 
for research, development, demonstration, or commercial application 
projects.
    (c) Relationship to Other Authority.--The Program may be carried 
out in conjunction with, or in addition to, any other authority of the 
Secretary to acquire, support, or stimulate research, development, 
demonstration, or commercial application projects, including Advanced 
Research Projects Agency--Energy.
    (d) Authorization of Appropriations.--There is authorized to be 
appropriated to the Secretary to carry out this section $15,000,000, to 
remain available until expended.

               TITLE VII--ENHANCING REGULATORY AUTHORITY

SEC. 701. CONTINUATION OF SERVICE.

    Section 201(c) of the Energy Reorganization Act of 1974 (42 U.S.C. 
5841(c)) is amended--
            (1) by striking ``(c) Each member'' and inserting the 
        following:
    ``(c) Service of Members.--
            ``(1) In general.--Except as provided in paragraph (2), 
        each member''; and
            (2) by adding at the end the following:
            ``(2) Extended service by members of commission.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), a member of the Commission may serve 
                on the Commission after the date on which the term of 
                service of the member has expired.
                    ``(B) Exception.--A member of the Commission 
                described in subparagraph (A) may not serve after the 
                earlier of--
                            ``(i) the date on which the term of service 
                        of the successor of the member of the 
                        Commission commences; or
                            ``(ii) the date of adjournment of the 
                        session of Congress during which the term of 
                        the member of the Commission expires.''.

SEC. 702. ENHANCED FINGERPRINTING REQUIREMENTS.

    Section 149 a.(1) of the Atomic Energy Act of 1954 (42 U.S.C. 
2169(a)(1)) is amended by adding at the end the following:
                    ``(C) In addition to the fingerprinting 
                requirements described in this paragraph, the 
                Commission may require an individual or entity 
                described in subparagraph (A)(ii) to fingerprint any 
                individual who--
                            ``(i) has been designated by the individual 
                        or entity described in subparagraph (A)(ii) (or 
                        by a contractor or subcontractor of the 
                        individual or entity) to determine the 
                        trustworthiness and reliability of an 
                        individual who is required to be fingerprinted 
                        under subparagraph (B);
                            ``(ii) is in the employment of the 
                        individual or entity described in subparagraph 
                        (A)(ii) (or a contractor or subcontractor of 
                        the individual or entity) and who has authority 
                        relating to the provision of unescorted access 
                        to a facility, radioactive material, or other 
                        property described in subparagraph (B)(i); or
                            ``(iii) is, or holds a position equivalent 
                        to, the principal operating officer, or 
                        alternate principal operating officer, of the 
                        individual or entity described in subparagraph 
                        (A)(ii).''.

              TITLE VIII--MANAGEMENT OF USED NUCLEAR FUEL

SEC. 801. UNITED STATES NUCLEAR FUEL MANAGEMENT CORPORATION.

    (a) In General.--The Atomic Energy Act of 1954 (42 U.S.C. 2011 et 
seq.) is amended by adding at the end the following:

     ``TITLE III--UNITED STATES NUCLEAR FUEL MANAGEMENT CORPORATION

``SEC. 3001. PURPOSE.

    ``The purpose of this title is to establish a corporation--
            ``(1) to implement integrated spent nuclear fuel management 
        consistent with the policy of the Federal Government on a self-
        sustaining basis through the use of a spent nuclear fuel 
        management enterprise that will eliminate the need for Federal 
        funding (other than funding provided pursuant to this title);
            ``(2) to assume responsibility for the activities, 
        obligations, and resources of the Federal Government with 
        respect to spent nuclear fuel management, including the duties 
        and powers of--
                    ``(A) the Secretary relating to the Nuclear Waste 
                Fund; and
                    ``(B) the Office of Civilian Radioactive Waste 
                Management under section 304 of that Act (42 U.S.C. 
                10224);
            ``(3) to ensure in the United States--
                    ``(A) the common defense and security; and
                    ``(B) compliance with laws and policies concerning 
                nonproliferation of atomic weapons and other 
                nonpeaceful uses of atomic energy;
            ``(4) to advance technologies and facilities to support all 
        options for a long-term nuclear fuel cycle that will--
                    ``(A) address global counterproliferation and 
                counterterrorism;
                    ``(B) promote efficient utilization of nuclear fuel 
                resources; and
                    ``(C) provide for safe, secure storage and disposal 
                of nuclear materials;
            ``(5) to maintain a reliable and economical domestic source 
        of spent nuclear fuel management services and sustain and 
        support the expansion of nuclear energy in meeting United 
        States requirements for clean, safe, reliable, and affordable 
        energy;
            ``(6) to provide spent nuclear fuel management and related 
        services to--
                    ``(A) the Department of Energy for governmental 
                purposes;
                    ``(B) domestic persons; and
                    ``(C) other entities, as determined by the 
                President; and
            ``(7) to carry out other activities to advance the purposes 
        described in this section.

``SEC. 3002. DEFINITIONS.

    ``In this title:
            ``(1) Board.--The term `Board' means the Board of Directors 
        of the Corporation established under section 3103.
            ``(2) Corporation.--The term `Corporation' means the United 
        States Spent Nuclear Fuel Corporation established by section 
        3101(a).
            ``(3) Corporation fund.--The term `Corporation Fund' means 
        the United States Nuclear Fuel Management Corporation Fund 
        established by section 3107.
            ``(4) Decommissioning; decontamination.--The terms 
        `decommissioning' and `decontamination', with respect to an 
        activity, include any activity other than a response action or 
        corrective action carried out for purposes of decontaminating 
        or decommissioning a facility for spent nuclear fuel management 
        that has residual radioactive or mixed radioactive and 
        hazardous chemical contamination (including depleted tailings).
            ``(5) Department.--The term `Department' means the 
        Department of Energy.
            ``(6) Nuclear waste fund.--The term `Nuclear Waste Fund' 
        means the Nuclear Waste Fund established under section 302 of 
        the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222).
            ``(7) Secretary.--The term `Secretary' means the Secretary 
        of Energy.
            ``(8) Spent fuel disposal contract.--The term `spent fuel 
        disposal contract' means a contract between the Secretary and a 
        person entered into pursuant to section 302(a) of the Nuclear 
        Waste Policy Act of 1982 (42 U.S.C. 10222(a)).
            ``(9) Spent nuclear fuel.--The term `spent nuclear fuel' 
        means any nuclear fuel or highly radioactive waste that has 
        been irradiated in a domestic, commercial nuclear power reactor 
        pursuant to a spent fuel disposal contract.
            ``(10) Spent nuclear fuel management.--The term `spent 
        nuclear fuel management' means any activity involving the 
        disposal, storage, transportation, reprocessing, processing, 
        treatment, fabrication, or sale of spent nuclear fuel or a 
        product derived from spent nuclear fuel.
            ``(11) Stakeholder organization.--The term `stakeholder 
        organization' means any organization that as of the date of 
        enactment of this title is contributing or has contributed to 
        the Nuclear Waste Fund.
            ``(12) Technology for spent nuclear fuel management.--The 
        term `technology for spent nuclear fuel management' means any 
        technology used to transport, store, process, reprocess, or 
        dispose of spent nuclear fuel.
            ``(13) Transfer date.--The term `transfer date' means the 
        earlier of--
                    ``(A) the transfer date of the last asset, 
                property, right, liability, or obligation transferred 
                from the Secretary to the Corporation under this title 
                (other than liabilities or obligations arising under 
                contracts to dispose of spent nuclear fuel and high 
                level radioactive waste); or
                    ``(B) the date that is 18 months after the date of 
                enactment of this title.

         ``Subtitle A--Establishment, Powers, and Organization

``SEC. 3101. ESTABLISHMENT.

    ``(a) In General.--There is established a corporation, to be known 
as the `United States Nuclear Fuel Management Corporation'.
    ``(b) Treatment.--Except as otherwise provided in this title, the 
Corporation shall be--
            ``(1) a wholly owned Federal corporation, subject to 
        chapter 91 of title 31, United States Code; and
            ``(2) considered to be a Federal agency.
    ``(c) Corporate Offices.--
            ``(1) In general.--The Corporation shall--
                    ``(A) for the service of process and papers, 
                maintain an office in the District of Columbia; and
                    ``(B) for purposes of venue in civil actions, be 
                considered to be a resident of the District of 
                Columbia.
            ``(2) Other offices.--The Corporation may establish offices 
        in such other locations as the Corporation determines to be 
        appropriate.

``SEC. 3102. POWERS.

    ``(a) In General.--The Corporation--
            ``(1) except as otherwise provided in this title or 
        applicable Federal law, shall have all the powers of a private 
        corporation incorporated under the District of Columbia 
        Business Corporation Act (D.C. Code section 29-301 et seq.);
            ``(2) shall have the priority of the United States with 
        respect to the payment of debts from bankrupt, insolvent, and 
        decedent persons or estates;
            ``(3) may obtain from the Administrator of General Services 
        the services provided by the Administrator to Federal agencies 
        on the same basis as those services are so provided;
            ``(4) shall have the authority to manage spent nuclear 
        fuel, provide for the management of spent nuclear fuel by 
        others, and acquire spent nuclear fuel or materials necessary 
        for the management of spent nuclear fuel;
            ``(5) shall have the authority necessary to carry out, in 
        accordance with subsection (b), the activities, obligations, 
        and use of resources of the Federal Government with respect to 
        spent nuclear fuel management, including the duties and powers 
        of--
                    ``(A) the Secretary relating to the Nuclear Waste 
                Fund; and
                    ``(B) the Office of Civilian Radioactive Waste 
                Management under section 304 of that Act (42 U.S.C. 
                10224); and
            ``(6) shall consider the spent nuclear fuel management and 
        related services for defense-related spent nuclear fuel and 
        high level radioactive waste and nuclear fuels identified by 
        the National Spent Nuclear Fuel Program of the Department.
    ``(b) Inclusions.--The authority of the Corporation described in 
subsection (a)(5) includes authority--
            ``(1) for the identification, development, licensing, 
        construction, operation, decommissioning, and post-
        decommissioning maintenance and monitoring of any repository, 
        interim storage facility, monitored retrievable storage 
        facility, reprocessing facility, fuel fabrication facility, or 
        test and evaluation facility constructed under title III of the 
        Nuclear Waste Policy Act of 1982 (42 U.S.C. 10221 et seq.), 
        except that the limitations imposed on a monitored retrievable 
        storage facility under section 141(g) of that Act (42 U.S.C. 
        10161(g)) shall not apply to an interim storage facility 
        developed by the Corporation;
            ``(2) for the administration of the high-level radioactive 
        waste disposal program of the Department;
            ``(3) to enter into a new spent fuel disposal contract 
        under section 302(a) of the Nuclear Waste Policy Act of 1982 
        (42 U.S.C. 10222(a)) for a commercial nuclear power reactor not 
        yet licensed by the Nuclear Regulatory Commission;
            ``(4) to assume all responsibilities of the Department 
        under spent fuel disposal contracts in existence on the date of 
        enactment of this title, except that (as provided in section 
        3205) liability for failure to perform under those contracts 
        shall not be assumed by the Corporation until the date that is 
        10 years after the license termination date of the reactor for 
        which a contract applies; and
            ``(5) to recommend changes to the nuclear waste fee 
        provided by section 302(a)(4) of the Nuclear Waste Policy Act 
        of 1982 (42 U.S.C. 10222(a)(4)) and spent fuel disposal 
        contracts, except that the Corporation may not implement any 
        changes in the fee schedule except as provided in section 3201;
            ``(6) for the acquisition, design, modification, 
        replacement, operation, and construction of facilities at a 
        repository site, reprocessing facility site, reprocessed fuel 
        fabrication facility site, monitored retrievable storage site, 
        or test and evaluation facility site necessary or incident to a 
        repository, reprocessing facility, reprocessed fuel fabrication 
        facility, monitored retrievable storage facility, or test and 
        evaluation facility;
            ``(7) to carry out such nongeneric research, development, 
        and demonstration activities relating to evaluating, improving, 
        and testing existing technologies for spent nuclear fuel 
        management and related processes and activities as the 
        Corporation considers to be necessary or advisable to achieve 
        the purposes of this title;
            ``(8) to carry out transactions regarding spent nuclear 
        fuel, uranium, enriched uranium, plutonium, other special 
        nuclear material, fissionable nuclear material, fertile nuclear 
        material, fission byproducts, actinides, or depleted uranium 
        with any person--
                    ``(A) licensed under section 53, 63, 103, or 104, 
                in accordance with the applicable license;
                    ``(B) in accordance with, and during the period 
                provided for, an agreement for cooperation under 
                section 123; or
                    ``(C) otherwise authorized by law to enter into a 
                transaction described in subparagraph (A) or (B);
            ``(9) to enter into contracts or other agreements with--
                    ``(A) any person licensed under section 53, 63, 
                103, or 104, for such period as the Corporation 
                considers to be appropriate to provide services 
                supporting the mission and purpose of the Corporation 
                under this title; and
                    ``(B) the Department in accordance with this title 
                for spent nuclear fuel management and related services 
                that the Department determines to be required--
                            ``(i) to carry out Presidential directives 
                        and authorizations; and
                            ``(ii) to conduct other Department 
                        programs;
            ``(10) to adopt, alter, and use a corporate seal, which 
        shall be judicially noticed;
            ``(11) to sue and be sued in the corporate name and be 
        represented by an attorney in all administrative and judicial 
        proceedings, including, on approval of the Attorney General, 
        appeals from decisions of United States courts, except that the 
        United States Court of Federal Claims shall have exclusive 
        jurisdiction over a claim against the Corporation and a 
        decision or action of the Corporation shall not be subject to 
        review under section 119 of the Nuclear Waste Policy Act of 
        1982 (42 U.S.C. 10139);
            ``(12) to indemnify directors, officers, attorneys, agents, 
        and employees of the Corporation for liabilities and expenses 
        relating to corporate activities;
            ``(13)(A) to acquire, purchase, lease, and hold real and 
        personal property, including patents and proprietary data, as 
        the Corporation determines to be necessary in the transaction 
        of business; and
            ``(B) to sell, lease, grant, and dispose of such real and 
        personal property as the Corporation determines to be necessary 
        to achieve the purposes of this title;
            ``(14) on consent of each unit of government concerned, to 
        employ the services, records, facilities, or personnel of any 
        State or local government agency or instrumentality or 
        voluntary or uncompensated personnel to perform appropriate 
        functions on behalf of the Corporation;
            ``(15) to enter into and carry out such contracts, leases, 
        cooperative agreements, or other transactions as are necessary 
        to conduct business, on a reimbursable basis, with--
                    ``(A) any Federal department or agency;
                    ``(B) any State, territory, or possession (or any 
                political subdivision thereof) of the United States; or
                    ``(C) any individual, firm, association, or 
                corporation;
            ``(16) to determine the character of, and the necessity 
        for, the obligations and expenditures of the Corporation and 
        the manner in which the obligations and expenditures will be 
        incurred, allowed, and paid, subject to this title and other 
        Federal law specifically applicable to wholly owned Federal 
        corporations;
            ``(17) to retain and use the revenues of the Corporation to 
        achieve the purposes of this title in a manner that ensures 
        that the retention and use shall not be subject to 
        apportionment under subchapter II of chapter 15 of title 31, 
        United States Code;
            ``(18) to settle and adjust claims--
                    ``(A) held by the Corporation against other 
                parties; or
                    ``(B) held by other parties against the 
                Corporation;
            ``(19) to accept gifts or donations of services and real, 
        personal, mixed, tangible, or intangible property to achieve 
        the purposes of this title;
            ``(20) to execute, in accordance with applicable bylaws and 
        regulations, appropriate instruments;
            ``(21) to provide for liability insurance by contract or 
        self-insurance; and
            ``(22) subject to this subsection and section 3205, to pay 
        any settlement or judgment entered against the Corporation from 
        the Corporation Fund and not from funds made available pursuant 
        to section 1304 of title 31, United States Code.

``SEC. 3103. BOARD OF DIRECTORS.

    ``(a) In General.--The Corporation shall be headed by a Board of 
Directors.
    ``(b) Membership.--
            ``(1) Appointment.--
                    ``(A) In general.--The Board shall be composed of 9 
                members, to be appointed by the President by and with 
                the advice and consent of the Senate, of which--
                            ``(i) at least 3 shall be from stakeholder 
                        organizations; and
                            ``(ii) at least 2 shall be reserved for 
                        nominations from State public utility 
                        commissions.
                    ``(B) Association.--The association of a member of 
                the Board with a stakeholder organization shall not be 
                considered a conflict of interest.
            ``(2) Chairperson.--The members of the Board shall elect 1 
        member to act as Chairperson of the Board.
    ``(c) Qualifications.--To be eligible to be appointed as a member 
of the Board, an individual shall--
            ``(1) be a citizen of the United States;
            ``(2) have management expertise relating to large 
        organizations;
            ``(3) not be an employee of the Corporation;
            ``(4) make full disclosure to Congress of any investment or 
        other financial interest that the individual holds in the 
        energy industry; and
            ``(5) affirm support for the purposes of the Corporation.
    ``(d) Terms.--
            ``(1) In general.--Except as provided in paragraph (2), a 
        member of the Board shall serve for a term of not more than 5 
        years.
            ``(2) Initial members.--Of the members first appointed to 
        the Board--
                    ``(A) 1 shall be appointed for a 1-year term;
                    ``(B) 2 shall be appointed for a 2-year term;
                    ``(C) 2 shall be appointed for a 3-year term;
                    ``(D) 2 shall be appointed for a 4-year term; and
                    ``(E) 2 shall be appointed for a 5-year term.
            ``(3) Reappointment.--A member of the Board the term of 
        service of whom has expired may be reappointed by the 
        President, by and with the advice and consent of the Senate.
            ``(4) Expiration.--A member of the Board the term of 
        service of whom has expired may continue to serve on the Board 
        until the earlier of--
                    ``(A) the date on which a successor member is 
                appointed; and
                    ``(B) the date on which the session of Congress 
                during which the term of the member expires ends.
    ``(e) Vacancies.--A vacancy on the Board--
            ``(1) shall not affect the powers of the Board; and
            ``(2) shall be filled in the same manner as the original 
        appointment was made.
    ``(f) Meetings.--The Board shall meet in accordance with the bylaws 
of the Corporation--
            ``(1) at the call of the Chairperson; and
            ``(2) not less frequently than once each quarter.
    ``(g) Quorum.--For purposes of meetings of the Board, \2/3\ of the 
active members of the Board shall constitute a quorum.
    ``(h) Bylaws.--A majority of the members of the Board may amend the 
bylaws of the Corporation.
    ``(i) Compensation of Members.--
            ``(1) In general.--
                    ``(A) Non-federal employees.--A member of the Board 
                who is not an officer or employee of the Federal 
                Government shall be compensated at a rate equal to the 
                daily equivalent of the annual rate of basic pay 
                prescribed for level IV of the Executive Schedule under 
                section 5315 of title 5, United States Code, for each 
                day (including travel time) during which the member is 
                engaged in the performance of the duties of the Board.
                    ``(B) Federal employees.--A member of the Board who 
                is an officer or employee of the Federal Government 
                shall serve without compensation in addition to the 
                compensation received for the services of the member as 
                an officer or employee of the Federal Government.
            ``(2) Travel expenses.--A member of the Board shall be 
        allowed travel expenses, including per diem in lieu of 
        subsistence, at rates authorized for an employee of an agency 
        under subchapter I of chapter 57 of title 5, United States 
        Code, while away from the home or regular place of business of 
        the member in the performance of the duties of the Board.

``SEC. 3104. MANAGEMENT.

    ``(a) Chief Executive Officer.--
            ``(1) Appointment.--The Board shall appoint an individual 
        to serve as chief executive officer of the Corporation.
            ``(2) Qualifications.--
                    ``(A) In general.--To be eligible to serve as chief 
                executive officer of the Corporation, an individual--
                            ``(i) shall have senior executive-level 
                        management experience in large, complex 
                        organizations;
                            ``(ii) shall not--
                                    ``(I) be a member of the Board; or
                                    ``(II) have served as a member of 
                                the Board during the 2-year period 
                                ending on the date of appointment as 
                                chief executive officer; and
                            ``(iii) shall comply with the conflict of 
                        interest policy adopted by the Board.
                    ``(B) Expertise.--In appointing a chief executive 
                officer, the Board shall give particular consideration 
                to appointing an individual with--
                            ``(i) expertise in the nuclear industry; 
                        and
                            ``(ii) strong financial skills.
            ``(3) Tenure.--The chief executive officer shall serve at 
        the pleasure of the Board.
            ``(4) Authorities and duties.--The chief executive officer 
        shall--
                    ``(A) be responsible for the management of the 
                Corporation; and
                    ``(B) report to, and be under the direct authority 
                of, the Board.
            ``(5) Corporate officers.--The chief executive officer 
        shall appoint such managers, assistant managers, employees, 
        attorneys, and agents as are necessary to carry out the powers 
        of the Corporation--
                    ``(A) with the advice and consent of the Board; and
                    ``(B) without regard to the civil service laws 
                applicable to officers and employees of the United 
                States.
    ``(b) Compensation Plan.--
            ``(1) In general.--Without regard to section 5301 of title 
        5, United States Code, the Board shall establish--
                    ``(A) the duties of and compensation for all 
                officers and employees of the Corporation; and
                    ``(B) a system of organization to describe those 
                responsibilities and promote efficiency.
            ``(2) Applicable criteria.--The Board shall ensure that--
                    ``(A) officers and employees are appointed, 
                promoted, and assigned on the basis of capability and 
                fitness; and
                    ``(B) other personnel actions are consistent with 
                the principles of fairness and due process, without 
                regard to the provisions of title 5, United States 
                Code, relating to appointments and other personnel 
                actions in the competitive service.
            ``(3) Protection of department employees.--
                    ``(A) Purpose.--The purpose of this paragraph is to 
                ensure that the establishment of the Corporation does 
                not result in any inequitable effect on the employment 
                rights, wages, or benefits of Department employees in 
                carrying out the functions transferred from the 
                Department to the Corporation pursuant to this title.
                    ``(B) Measures of protection.--The compensation, 
                benefits, and other terms and conditions of employment 
                in effect on the day before the applicable transfer 
                date for activities previously carried out by the 
                Department pursuant to any law or regulation shall 
                continue to apply to officers and employees of the 
                Department or any other Federal department or agency 
                who are detailed to the Corporation until the date on 
                which the officers or employees are no longer detailed 
                to the Board.
    ``(c) Transferees and Detailees.--
            ``(1) In general.--On request of the Board and subject to 
        the approval of the Secretary, an employee of the Department 
        may be transferred or detailed to the Corporation in accordance 
        with section 3112 without any loss in accrued benefits or 
        standing within the Civil Service System.
            ``(2) Benefits.--
                    ``(A) In general.--An employee who accepts a 
                transfer to the Corporation may elect--
                            ``(i) to have any accrued retirement 
                        benefits transferred to a retirement system 
                        established by the Corporation; or
                            ``(ii) to retain coverage under, as 
                        applicable--
                                    ``(I) the Civil Service Retirement 
                                System; or
                                    ``(II) the Federal Employees 
                                Retirement System.
                    ``(B) Withholding.--With respect to an employee who 
                elects to retain coverage under subparagraph (A)(ii), 
                the Corporation shall--
                            ``(i) withhold a portion of the payment of 
                        the employee; and
                            ``(ii) use the amounts withheld to make 
                        such payments as are required under the 
                        applicable Federal retirement system.
            ``(3) Detailees.--The Department shall offer any employee 
        of the Department who is detailed to the Board a position of 
        like grade, compensation, and proximity to the official duty 
        station of the employee beginning on the date on which the 
        services of the employee are no longer required by the 
        Corporation.

``SEC. 3105. AUDITS.

    ``(a) Independent Audits.--
            ``(1) In general.--The financial statements of the 
        Corporation shall be--
                    ``(A) prepared in accordance with generally 
                accepted accounting principles; and
                    ``(B) audited annually by an independent certified 
                public accountant in accordance with--
                            ``(i) auditing standards issued by the 
                        Comptroller General of the United States; and
                            ``(ii) generally accepted auditing 
                        standards of the private sector.
            ``(2) Review by gao.--The Comptroller General--
                    ``(A) may review any audit under paragraph (1); and
                    ``(B) shall submit to Congress and the Corporation 
                a report describing the results of each review under 
                subparagraph (A), including appropriate 
                recommendations, if any.
    ``(b) GAO Audits.--
            ``(1) In general.--The Comptroller General may audit the 
        financial statements of the Corporation for any year in 
        accordance with subsection (a)(1).
            ``(2) Reimbursement by corporation.--The Corporation shall 
        reimburse the Comptroller General for the cost of any audit 
        conducted under this subsection, as determined by the 
        Comptroller General.
    ``(c) Availability of Books and Records.--Subject to section 3111, 
all books, accounts, financial records, reports, files, papers, and 
other property belonging to, or in use by, the Corporation or an 
auditor of the Corporation that the Comptroller General considers to be 
necessary to conduct an audit or review under this section shall be 
made available to the Comptroller General.
    ``(d) Treatment of GAO Audits.--An audit or review by the 
Comptroller General under this section shall be in lieu of any other 
audit of the financial transactions of the Corporation required to be 
carried out by the Comptroller General under chapter 91 of title 31, 
United States Code, or other applicable law.

``SEC. 3106. ANNUAL REPORTS.

    ``(a) In General.--Not less frequently than once each year, the 
Corporation shall submit to the President and Congress a report 
describing the activities carried out by the Corporation during the 
preceding fiscal year, including--
            ``(1) a general description of the operations of the 
        Corporation;
            ``(2) a summary of the operating and financial performance 
        of the Corporation; and
            ``(3) a copy of each audit report prepared for the 
        applicable fiscal year under section 3105.
    ``(b) Deadline.--A report under subsection (a) shall--
            ``(1) be completed by not later than 150 days after the end 
        of each fiscal year of the Corporation; and
            ``(2) accurately reflect the financial position of the 
        Corporation as of that date.

``SEC. 3107. UNITED STATES NUCLEAR FUEL MANAGEMENT CORPORATION FUND.

    ``(a) Establishment.--
            ``(1) In general.--There is established in the Treasury of 
        the United States a fund, to be known as the `United States 
        Nuclear Fuel Management Corporation Fund' (referred to in this 
        section as the `Corporation Fund').
            ``(2) Accounts.--The Corporation Fund shall be composed of 
        2 accounts, to be known as--
                    ``(A) the `United States Nuclear Fuel Management 
                Corporation Operating Account' (referred to in this 
                section as the `Operating Account'); and
                    ``(B) the `United States Nuclear Management 
                Corporation Capital Reserve Account' (referred to in 
                this section as the `Capital Reserve Account').''
    ``(b) Transfer and Deposits of Funds.--
            ``(1) Transfer of unexpended balances.--On the earlier of 
        the transfer date or the date agreed to by the Secretary and 
        the Corporation, the Secretary of the Treasury, without further 
        appropriation, shall transfer from the Nuclear Waste Fund to 
        the Operating Account, the unexpended balance of the 
        appropriated funds (including funds set aside for accounts 
        payable), and accounts receivable, relating to functions and 
        activities assumed by the Corporation pursuant to this title, 
        including all advance payments.
            ``(2) Transfer of the corpus of the nuclear waste fund.--On 
        the earlier of the transfer date or the date agreed to by the 
        Secretary and the Corporation, the Secretary of the Treasury, 
        without further appropriation, shall transfer from the Nuclear 
        Waste Fund to the Capital Reserve Account, the unexpended 
        balance of the Nuclear Waste Fund to the Corporation Fund as 
        follows:
                    ``(A) On the date of enactment of this title, the 
                corpus of the Nuclear Waste Fund, consisting of any 
                unfunded balance of the unexpended balance shall be 
                credited to the Capital Reserve Account as an unfunded 
                asset, which shall continue to accrue interest at rates 
                and maturities determined by the Secretary of the 
                Treasury, including all receipts, proceeds, and 
                recoveries received by the Nuclear Waste Fund under 
                subsections (a), (b), and (e) of section 302 of the 
                Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222).
                    ``(B) Beginning on the date of enactment of this 
                title, any appropriations made to the Nuclear Waste 
                Fund and all receipts, proceeds, interest, and 
                recoveries received on or after that date under 
                subsections (a), (b), and (e) of section 302 of that 
                Act (42 U.S.C. 10222) shall be transferred to the 
                Operating Account.
            ``(3) Revenues from sales.--Revenues from sales of products 
        and services sold by the Corporation shall be deposited in the 
        Operating Account.
    ``(c) Use of Funds.--
            ``(1) Use of operating account.--
                    ``(A) In general.--The Corporation may make 
                expenditures from the Operating Account without further 
                appropriation and without fiscal year limitation only 
                to carry out the purposes of this title.
                    ``(B) Investment.--The Corporation may invest 
                amounts of the fund in such financial instruments as 
                the Corporation considers appropriate.
                    ``(C) Nuclear waste policy act restrictions.--The 
                Corporation shall expend Operating Account funds--
                            ``(i) consistent with section 302(d) of the 
                        Nuclear Waste Policy Act of 1982 (42 U.S.C. 
                        10222(d)); or
                            ``(ii) for other purposes authorized by 
                        Congress.
            ``(2) Use of capital reserve account.--The Corporation 
        may--
                    ``(A) pledge, without further appropriation and 
                without fiscal year limitation, use of the Capital 
                Reserve Account as collateral for the issuance of 
                bonds; and
                    ``(B) make expenditures, without further 
                appropriation and without fiscal year limitation, for 
                the decontamination, decommissioning, and ongoing 
                surveillance and maintenance of Corporation facilities 
                and repositories following closure.
    ``(d) Administration of Corporation Fund.--
            ``(1) In general.--The Corporation, in consultation with 
        the Secretary of the Treasury, shall--
                    ``(A) administer the Corporation Fund; and
                    ``(B) submit to Congress annual reports describing 
                the financial condition and operations of the 
                Corporation Fund during the preceding fiscal year.
            ``(2) Budgetary treatment.--The Corporation Fund shall not 
        be subject to--
                    ``(A) the allocations for discretionary spending 
                under section 302(a) of the Congressional Budget Act of 
                1974 (2 U.S.C. 633(a));
                    ``(B) the suballocations of appropriations 
                committees under section 302(b) of that Act (2 U.S.C. 
                633(b)); or
                    ``(C) apportionment under subchapter II of chapter 
                15 of title 31, United States Code.
            ``(3) Investment.--If the Corporation determines that the 
        Corporation Fund Account contains at any time amounts in excess 
        of the needs of the Corporation, the Corporation may request 
        the Secretary of the Treasury to invest such portion of the 
        excess amounts as the Corporation determines to be appropriate 
        in obligations of the United States--
                    ``(A) having maturities determined by the Secretary 
                of the Treasury to be appropriate to the needs of the 
                Corporation; and
                    ``(B) bearing interest at rates determined to be 
                appropriate by the Secretary of the Treasury, taking 
                into consideration the current average market yield on 
                outstanding marketable obligations of the United States 
                with remaining periods to maturity comparable to the 
                maturities of the investments, except that the interest 
                rate on the investments shall not exceed the average 
                interest rate applicable to existing borrowings.

``SEC. 3108. ISSUANCE OF BONDS.

    ``(a) Issuance.--
            ``(1) In general.--The Corporation may issue and sell 
        bonds, notes, and other evidences of indebtedness (referred to 
        in this section as `bonds').
            ``(2) Use of revenue.--The Corporation may pledge and use 
        revenues of the Corporation for--
                    ``(A) payment of the principal and interest on the 
                bonds;
                    ``(B) purchase or redemption of additional bonds; 
                and
                    ``(C) other purposes incidental to the functions 
                described in subparagraphs (A) and (B), including 
                creation of reserve funds and other funds that may be 
                similarly pledged and used.
            ``(3) Agreements with holders and trustees.--The 
        Corporation may enter into binding agreements with the holders 
        and trustees of bonds with respect to activities to enhance the 
        marketability of the bonds, including--
                    ``(A) the establishment of reserve funds and other 
                funds;
                    ``(B) stipulations concerning the subsequent 
                issuance of bonds; and
                    ``(C) other activities in accordance with this 
                title.
    ``(b) Not Obligations of United States.--
            ``(1) In general.--A bond issued by the Corporation under 
        this section shall not be considered to be an obligation of, or 
        guaranteed as to principal or interest by, the United States.
            ``(2) Notice.--Each bond of the Corporation shall contain a 
        notice of the consideration described in paragraph (1).
    ``(c) Terms and Conditions.--
            ``(1) Negotiability; maturity.--A bond issued by the 
        Corporation under this section shall--
                    ``(A) be a negotiable instrument unless otherwise 
                specified in the bond; and
                    ``(B) mature not later than 50 years after the date 
                of issuance.
            ``(2) Role of secretary of treasury.--
                    ``(A) Right of disapproval.--
                            ``(i) In general.--Not later than 30 days 
                        after the date on which the Corporation submits 
                        to the Secretary of the Treasury a notification 
                        of the establishment of a term or condition on 
                        a bond under this section described in clause 
                        (ii), the Secretary of the Treasury may 
                        disapprove the term or condition.
                            ``(ii) Description.--The terms and 
                        conditions referred to in clause (i) are terms 
                        and conditions relating to--
                                    ``(I) the form or denomination of a 
                                bond;
                                    ``(II) the time, amount, or price 
                                at which a bond is sold;
                                    ``(III) the rate of interest of the 
                                bond;
                                    ``(IV) the terms by which the bond 
                                may be redeemed by the Corporation 
                                before maturity;
                                    ``(V) the priority of claims on the 
                                net revenues of the Corporation with 
                                respect to principal and interest 
                                payments; and
                                    ``(VI) any other term or condition 
                                the Secretary of the Treasury 
                                determines to be appropriate.
                    ``(B) Inapplicability of right to prescribe 
                terms.--Section 9108(a) of title 31, United States 
                Code, shall not apply to the Corporation.
    ``(d) Inapplicability of Securities Requirements.--The 
Corporation--
            ``(1) shall be considered to be an executive department of 
        the United States for purposes of section 3(c) of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78c(c)); and
            ``(2) may register the securities and maintain the books of 
        the Corporation in accordance with--
                    ``(A) the Securities Act of 1933 (15 U.S.C. 77a et 
                seq.);
                    ``(B) the Securities Exchange Act of 1934 (15 
                U.S.C. 78a et seq.); and
                    ``(C) applicable regulations of the Securities and 
                Exchange Commission.
    ``(e) Use of Federal Financing Bank.--The Corporation may issue or 
sell any bond to the Federal Financing Bank.

``SEC. 3109. EXEMPTION FROM TAXATION AND PAYMENTS IN LIEU OF TAXES.

    ``(a) Exemption From Taxation.--The Corporation shall be exempt 
from taxation in any manner or form by any State, county, or other 
entity of local government, including State, county, or local sales 
tax.
    ``(b) Payments in Lieu of Taxes.--
            ``(1) In general.--The Corporation shall make annual 
        payments, in such amounts as the Corporation determines to be 
        fair and reasonable, to each State and local governmental 
        agency with tax jurisdiction over any area in which a facility 
        of the Corporation is located.
            ``(2) Determination.--In making a determination under 
        paragraph (1), the Corporation shall take into consideration--
                    ``(A) the customs and practices prevailing in the 
                applicable area with respect to appraisal, assessment, 
                and classification of industrial property and any 
                special considerations extended to large-scale 
                industrial operations; and
                    ``(B) the requirement that any payment made to a 
                taxing authority for any period shall be not less than 
                the payments that would have been made to the taxing 
                authority for the same period by the Department and 
                contractors of the Department on behalf of the 
                Department with respect to property and operations of 
                the Corporation.
    ``(c) Time of Payments.--Each payment under this section shall be 
made by the Corporation on the date on which payments of taxes by 
taxpayers to each taxing authority are due and payable.
    ``(d) Determination of Amount Due.--A determination by the 
Corporation of an amount due under this section shall be final and 
conclusive.

``SEC. 3110. NONAPPLICABILITY OF CERTAIN FEDERAL LAW.

    ``(a) Antitrust Laws.--The Corporation shall not be subject to--
            ``(1) the Sherman Act (15 U.S.C. 1 et seq.);
            ``(2) the Clayton Act (15 U.S.C. 12 et seq.); or
            ``(3) section 73 or 74 of the Wilson Tariff Act (15 U.S.C. 
        8, 9).
    ``(b) Environmental, Occupational, and Public Health and Safety 
Licensing Laws.--
            ``(1) National environmental policy act of 1969.--
                    ``(A) In general.--Subject to subparagraph (B), the 
                Corporation shall comply with the National 
                Environmental Policy Act of 1969 (42 U.S.C. 4321 et 
                seq.).
                    ``(B) Preparation of environmental impact 
                statement.--The Corporation shall not be required to 
                prepare an environmental impact statement or similar 
                analysis required under the National Environmental 
                Policy Act of 1969 (42 U.S.C. 4321 et seq.) if the 
                Nuclear Regulatory Commission is required under any law 
                (including regulations) to prepare the environmental 
                impact statement or similar analysis.
            ``(2) Jurisdiction.--The Commission shall have exclusive 
        jurisdiction over the facilities and operations of the 
        Corporation with respect to licensing, permitting, rulemaking, 
        compliance, or operations under all Federal, State, interstate, 
        and local environmental, occupational, and public health and 
        safety laws.
            ``(3) Enforcement.--
                    ``(A) In general.--A requirement included in a 
                license of the Commission or a substantive requirement 
                (including any injunctive relief, administrative order, 
                or civil or administrative penalty or fine) may be 
                enforced against the Corporation only by the Commission 
                (or a designee).
                    ``(B) Waiver.--The United States waives any 
                immunity otherwise applicable to the Corporation.
    ``(c) Energy Reorganization Act Requirements.--
            ``(1) In general.--The Corporation shall be subject to 
        section 210 of the Energy Reorganization Act of 1974 (42 U.S.C. 
        5850).
            ``(2) Leased facilities.--With respect to the operation of 
        any facility leased by the Corporation, section 206 of that Act 
        (42 U.S.C. 5846) shall apply to the directors and officers of 
        the Corporation.
    ``(d) Exemption From Federal Property and Procurement 
Requirements.--The Corporation shall not be subject to--
            ``(1) subtitle I of title 40, United States Code;
            ``(2) title III of the Federal Property and Administrative 
        Services Act of 1949 (41 U.S.C. 251 et seq.); or
            ``(3) any other law requiring conformance with the Federal 
        Acquisition Regulations contained in title 48, Code of Federal 
        Regulations.
    ``(e) Export Control Laws.--No transaction of the Corporation shall 
be subject to the export control laws if the transaction is carried out 
in accordance with an agreement between the United States and a foreign 
country.

``SEC. 3111. PROTECTION OF INFORMATION.

    ``(a) In General.--Subject to subsection (b), the Corporation shall 
protect information classified under this Act, trade secrets, and 
security, commercial, or financial information to the same extent as a 
Federal agency or private corporation, in accordance with applicable 
law, including section 1905 of title 18, United States Code.
    ``(b) Other Applicable Laws.--Section 552(d) of title 5, United 
States Code, shall not apply to the Corporation.

``SEC. 3112. TRANSITION AND TRANSFER REQUIREMENTS.

    ``(a) Transition Manager.--Not later than 30 days after the date of 
enactment of this title, the President shall appoint a transition 
manager, who shall serve at the pleasure of the President during the 
period beginning on the date of appointment and ending on the earlier 
of--
            ``(1) the date on which a chief executive officer is 
        appointed for the Corporation pursuant to section 3104; or
            ``(2) the transfer date.
    ``(b) Duties.--
            ``(1) In general.--The transition manager shall carry out 
        the powers and duties of the Board and chief executive officer 
        as described in section 3104 only to the extent necessary to 
        implement the transfer of spent nuclear fuel management 
        obligations, functions, personnel, and funds from the Secretary 
        to the Corporation not later than the transfer date.
            ``(2) Compensation.--The transition manager shall be a 
        Federal employee to be paid at the rate of pay for the 
        appropriate Executive Service Level, as determined by the 
        Secretary.
            ``(3) Continuation in absence of a board of directors.--The 
        transition manager shall carry out this section regardless of 
        whether the Board is appointed pursuant to section 3103.
    ``(c) Ratification of Actions.--Once the Board has been appointed, 
each action carried out by the transition manager shall be subject to 
ratification by the Board.
    ``(d) Responsibilities of the Secretary.--During the period 
beginning on the date of enactment of this title and ending on the 
transfer date, the Secretary shall--
            ``(1) retain responsibility for spent nuclear fuel 
        management in accordance with applicable Federal law;
            ``(2) to the extent provided in appropriations Acts, 
        provide funds to the transition manager to pay salaries and 
        expenses necessary to effectuate the purposes of this title;
            ``(3) assign employees of the Department to assist the 
        transition manager in carrying out this section; and
            ``(4) assist and cooperate with the transition manager and 
        the chief executive officer in transferring to the Corporation 
        not later than the transfer date the activities, obligations, 
        and resources under the jurisdiction or control of the 
        Secretary with respect to spent nuclear fuel management.
    ``(e) Budget.--
            ``(1) In general.--The transition manager shall prepare and 
        submit an operating budget for the Corporation for each fiscal 
        year to the Secretary for approval not later than December 1 of 
        each year until the Board is appointed pursuant to section 
        3103.
            ``(2) Reasonable expenses.--All reasonable expenses 
        associated with the duties of the transition manager shall be 
        paid from the Operating Fund, as approved by the Secretary.
    ``(f) Completion of Transfers and Other Actions by Transfer Date.--
            ``(1) In general.--The Secretary and the transition manager 
        shall complete transfers of all assets, property, rights, 
        liabilities, or obligations under the jurisdiction of the 
        Secretary relating to spent nuclear fuel management to the 
        Corporation not later than the transfer date.
            ``(2) Suspension of fees.--
                    ``(A) In general.--Any party to a contract with the 
                United States executed pursuant to section 302 of the 
                Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222) for 
                the disposal of spent nuclear fuel and high level 
                radioactive waste may suspend payment of fees under the 
                contract if all transfers of contracts and funds 
                required to be transferred under this title are not 
                complete, the Board has not been appointed, or a chief 
                executive officer for the Corporation has not been 
                appointed, by the transfer date.
                    ``(B) Period.--A suspension under subparagraph (A) 
                shall continue until each action required under this 
                title has been completed.
                    ``(C) Applicability.--The suspension of payments of 
                a contract under this subsection shall not constitute a 
                termination, breach, or cancellation of the contract.

              ``Subtitle B--Rights, Privileges, and Assets

``SEC. 3201. MARKETING AND CONTRACTING AUTHORITY.

    ``(a) Exclusive Marketing Agent.--
            ``(1) In general.--The Corporation shall act as the 
        exclusive marketing agent on behalf of the United States for 
        entering into contracts to provide spent nuclear fuel 
        management and related products and services.
            ``(2) Effect on department.--Beginning on the transfer 
        date, the Department may not market spent nuclear fuel 
        management or any related service.
    ``(b) Transfer of Contracts.--
            ``(1) In general.--Each spent nuclear fuel management 
        contract, agreement, and lease executed by the Department 
        before the transfer date relating to spent nuclear fuel 
        management or a related service shall be transferred to the 
        Corporation.
            ``(2) Increase in fees.--The Corporation may not increase 
        the fee under contracts executed by the Secretary under section 
        302(a) of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 
        10222(a)), unless the Secretary approves the fee increase in 
        accordance with section 302(a)(3) of that Act not later than 2 
        years in advance of the proposed effective date of the increase 
        in the fee.

``SEC. 3202. PRICING.

    ``(a) Services Provided to Commercial Customers.--
            ``(1) In general.--The Corporation shall establish prices 
        for products, materials, and services provided by the 
        Corporation to customers other than the Department, and for 
        services other than those provided under a spent fuel disposal 
        contract, on a basis sufficient to--
                    ``(A) recover the costs of the Corporation; and
                    ``(B) operate on a self-sustaining basis.
            ``(2) Approval.--Each price established under paragraph (1) 
        shall be subject to review and approval by the Board.
    ``(b) Services Provided to Department.--The Corporation shall 
charge the Department fees for spent nuclear fuel management services 
provided under section 3102(b)(7) on a basis sufficient to recover the 
costs of the Corporation, on a yearly basis, of providing the services.

``SEC. 3203. ACQUISITION OF DEPARTMENT LAND AND FACILITIES.

    ``(a) In General.--The Corporation--
            ``(1) shall have the exclusive option to lease or otherwise 
        access required portions of Department or other Federal land 
        (other than land within the National Park System, the National 
        Forest System, or the National Wildlife Refuge System or land 
        managed by the Bureau of land Management that is within a 
        conservation system unit), facilities, and property useful for 
        spent nuclear fuel management purposes, including property or 
        facilities of the Department necessary for storage, processing, 
        or fuel fabrication involving materials containing plutonium; 
        and
            ``(2) may acquire or lease any required portion of State or 
        private land, facilities, or property useful for spent nuclear 
        fuel management purposes.
    ``(b) Terms of Lease.--
            ``(1) In general.--The Corporation and the Department shall 
        establish mutually agreeable terms for any lease under 
        subsection (a)(1), including specifying annual payments to be 
        made to the Department by the Corporation.
            ``(2) Payments.--The amount of annual payments for a lease 
        under subsection (a)(1) shall be equal to the cost incurred by 
        the Department in administering the lease and providing to the 
        Corporation services relating to the lease (excluding 
        depreciation and imputed interest on original plant investments 
        and costs under subsection (c)).
    ``(c) Department Responsibility for Preexisting Conditions.--The 
payment of any costs of decontamination and decommissioning, actions 
for response (as defined in section 101 of the Comprehensive 
Environmental Response, Compensation, and Liability Act of 1980 (42 
U.S.C. 9601)), or corrective actions (as defined by the Administrator 
of the Environmental Protection Agency under section 3004(u) of the 
Solid Waste Disposal Act (42 U.S.C. 6924(u)), with respect to 
conditions existing before the transfer date, in connection with 
property of the Department leased under subsection (a)(1), shall remain 
the sole responsibility of the Department.
    ``(d) Environmental Audit.--The Secretary, in consultation with the 
Administrator of the Environmental Protection Agency, shall conduct a 
comprehensive environmental audit to identify the environmental 
conditions that will remain the responsibility of the Department under 
subsection (c) after leasing the applicable land or facility.
    ``(e) Treatment Under Price-Anderson.--Any lease executed between 
the Secretary and the Corporation under this section shall be 
considered to be a contract for purposes of section 170 d.
    ``(f) Waiver of EIS Requirement.--A lease executed between the 
Corporation and the Department under this section shall not be 
considered to be a major Federal action significantly affecting the 
quality of the human environment for purposes of section 102 of the 
National Environmental Policy Act of 1969 (42 U.S.C. 4332).

``SEC. 3204. PATENTS AND INVENTIONS.

    ``(a) Grant of Rights.--
            ``(1) In general.--The Corporation may use--
                    ``(A) efficacious and economical processes for 
                spent nuclear fuel management; and
                    ``(B) any method of improving the production of 
                nuclear power.
            ``(2) Infringement.--Except as provided in paragraph (3), 
        an owner of a patent the patent rights of which are copied, 
        used, infringed, or employed by the Corporation pursuant to 
        this subsection shall have as the exclusive remedy a cause of 
        action against the Corporation to be instituted and prosecuted, 
        as a case in equity, in the appropriate United States district 
        court for the recovery of reasonable compensation for the 
        infringement.
            ``(3) Federal employees.--This section shall not apply to 
        any art, machine, method of manufacture, or composition of 
        matter discovered or invented by an employee during the period 
        of employment by the Corporation or the Federal Government.
    ``(b) Exclusive Right To Commercialize.--The Corporation shall have 
the exclusive commercial right to deploy and use any spent nuclear fuel 
management patent or process of the Corporation.
    ``(c) Research and Development.--On request of the Corporation, the 
Secretary shall provide, on a reimbursable basis, research and 
development of alternative technologies for spent nuclear fuel 
management.

``SEC. 3205. LIABILITIES.

    ``(a) Liabilities Based on Operations Before Transition.--Except as 
otherwise provided in this title, each liability attributable to spent 
nuclear fuel management or property transferred to the Corporation 
before the applicable transfer date shall remain a liability of the 
Department.
    ``(b) Judgments Based on Operations Before Transition.--Except as 
otherwise agreed to by the Corporation and the Department, a judgment 
entered against the Department imposing liability arising out of a 
spent nuclear fuel management obligation of the Department under the 
Nuclear Waste Policy Act of 1982 (42 U.S.C. 10101 et seq.) or a spent 
fuel disposal contract shall be considered to be a judgment against, 
and payable solely by, the Department.
    ``(c) Representation.--With respect to any claim to impose 
liability under subsection (a) or (b)--
            ``(1) the United States shall be represented by the 
        Department of Justice; and
            ``(2) the Corporation shall be represented by a counsel 
        selected by the Corporation.
    ``(d) Judgments and Liabilities Based on Operations After 
Transition.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, a judgment entered against the Corporation arising 
        from operations of the Corporation on or after the transfer 
        date shall be payable solely by the Corporation from funds of 
        the Corporation.
            ``(2) Existing spent fuel disposal contracts.--
                    ``(A) In general.--Paragraph (1) shall not apply to 
                a liability or judgment that--
                            ``(i) is based on a spent fuel disposal 
                        contract in existence on the date of enactment 
                        of this title; and
                            ``(ii) accrues not later than 10 years 
                        after the license termination date of the 
                        reactor to which the contract applies, 
                        including any renewals of the license granted 
                        by the Nuclear Regulatory Commission.
                    ``(B) Payment.--A liability or judgment described 
                in subparagraph (A) shall continue to be--
                            ``(i) the responsibility of the Department; 
                        and
                            ``(ii) payable pursuant to section 1304 of 
                        title 31, United States Code.
            ``(3) Relationship to other provisions.--Payments from the 
        funds of the Corporation described in paragraph (1) shall not 
        be subject to the Nuclear Waste Policy Act of 1982 (42 U.S.C. 
        10101 et seq.), including section 302(d) of that Act (42 U.S.C. 
        10222(d)).
            ``(4) Treatment.--The Corporation shall not be considered 
        to be a Federal agency for purposes of chapter 171 of title 28, 
        United States Code.

``SEC. 3206. PREDEPLOYMENT ACTIVITIES BY CORPORATION.

    ``The Corporation, in coordination with the Department, may carry 
out such activities as are necessary to prepare for the provision of 
spent nuclear fuel management services, including--
            ``(1) initiation of public outreach and coordination with 
        State and local stakeholders;
            ``(2) completion of preapplication activities with the 
        Commission;
            ``(3) confirmation of technical performance;
            ``(4) validation of economic projections;
            ``(5) completion of feasibility and risk studies;
            ``(6) initiation of preliminary plant design and 
        engineering; and
            ``(7) site selection, site characterization, and 
        environmental documentation activities.

``SEC. 3207. CONSTRUCTION AND OPERATION OF FACILITIES.

    ``(a) Establishment.--If the Corporation elects to proceed with the 
construction of a new facility, or take over operation of an existing 
facility, for spent nuclear fuel management, the Corporation may enter 
into a contract with 1 or more contractors for the construction or 
operation of the facility.
    ``(b) Transactions Between Corporation and Contractors.--
            ``(1) Grants.--The Corporation may make grants or loans to 
        1 or more contractors to carry out any duty of the Corporation 
        under this title.
            ``(2) Licensing agreement.--The Corporation may license to 
        a contractor any right, title, or interest of the Corporation 
        under this title.
            ``(3) Purchase agreement.--The Corporation may enter into a 
        commitment to purchase any spent nuclear fuel management 
        service, nuclear material, or fuel product produced at a 
        facility operated by a contractor.
            ``(4) Additional assistance.--The Corporation may provide 
        to a contractor such additional personnel, services, and 
        equipment as the Corporation determines to be appropriate.

``SEC. 3208. PRICE-ANDERSON COVERAGE.

    ``(a) In General.--Section 170 shall apply to any spent nuclear 
fuel management facility--
            ``(1) owned or operated by, or under contract with, the 
        Corporation;
            ``(2) licensed under section 53, 63, or 103; and
            ``(3) constructed after the date of enactment of this 
        title.
    ``(b) Indemnity Agreements.--The Secretary, pursuant to section 
170, may enter in to any indemnity agreement with the Corporation or a 
contractor of the Corporation as the Secretary determines to be 
necessary.

``SEC. 3209. REFERENCES.

    ``Any reference to the Commission or the Department contained in 
section 161 k., 221 a., or 230 shall be considered to include the 
Corporation.

``SEC. 3210. SEVERABILITY.

    ``If any provision of this title or the application of any such 
provision to any entity, person, or circumstance is for any reason 
judged by a court of competent jurisdiction to be invalid, the 
remainder of this title and the application of this title shall not be 
affected.''.
    (b) Conforming Amendment.--The table of contents of the Atomic 
Energy Act of 1954 (42 U.S.C. 2011 note) is amended by adding at the 
end the following:

``Sec. 1. Short title.
``Sec. 2. United States Nuclear Fuel Management Corporation.
     ``TITLE III--UNITED STATES NUCLEAR FUEL MANAGEMENT CORPORATION

``Sec. 3001. Purpose.
``Sec. 3002. Definitions.
         ``Subtitle A--Establishment, Powers, and Organization

``Sec. 3101. Establishment.
``Sec. 3102. Powers.
``Sec. 3103. Board of Directors.
``Sec. 3104. Management.
``Sec. 3105. Audits.
``Sec. 3106. Annual reports.
``Sec. 3107. United States Nuclear Fuel Management Corporation Fund.
``Sec. 3108. Issuance of bonds.
``Sec. 3109. Exemption from taxation and payments in lieu of taxes.
``Sec. 3110. Nonapplicability of certain Federal law.
``Sec. 3111. Protection of information.
``Sec. 3112. Transition and transfer requirements.
              ``Subtitle B--Rights, Privileges, and Assets

``Sec. 3201. Marketing and contracting authority.
``Sec. 3202. Pricing.
``Sec. 3203. Acquisition of Department land and facilities.
``Sec. 3204. Patents and inventions.
``Sec. 3205. Liabilities.
``Sec. 3206. Predeployment activities by Corporation.
``Sec. 3207. Construction and operation of facilities.
``Sec. 3208. Price-Anderson coverage.
``Sec. 3209. References.
``Sec. 3210. Severability.''.
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