Authorizes BPU to provide site approval for small modular reactors; authorizes operators of small modular reactors to store spent nuclear fuel on-site.

This bill authorizes New Jersey's Board of Public Utilities (BPU) to approve sites for small modular reactors (SMRs) exclusively in municipalities with existing nuclear facilities, overriding local zoning laws. It permits SMR operators to store spent nuclear fuel on-site until a national waste repository is established, following U.S. Nuclear Regulatory Commission safety standards. The BPU must also create a financial incentive program for SMR construction within one year. These provisions directly affect SMR developers, the BPU, and municipalities with prior nuclear operations.