State Nuclear Safety Participation Act of 1987

State Nuclear Safety Participation Act of 1987 - Amends the Atomic Energy Act of 1954 to authorize the States to establish and enforce standards for the protection of the public health and safety from radiological hazards of commercial and industrial production and utilization facilities. Requires that such safety standards be equal to or greater than Federal standards.

Requires the Nuclear Regulatory Commission to notify States within ten miles of such a production or utilization facility that it intends to issue an operating license. Sets a 60-day deadline for such notification.

Authorizes States to veto the issuance of licenses upon a written submission that the operation of such a facility would be inconsistent with the protection of the public health and safety.

Prohibits the Commission from issuing an operating license unless: (1) each affected State has certified to the Commission its approval of and intention to implement emergency plans (including evacuation plans) approved by the Federal Emergency Management Agency (FEMA); (2) FEMA has notified the Commission in writing of such approval; and (3) the Commission finds that such plans adequately protect the public health and safety. Mandates the joint conduct of annual offsite emergency preparedness exercises by all States located within ten miles of such production or utilization facilities. Requires FEMA to evaluate the adequacy of such exercises, and directs the Commission to review the FEMA findings. Prohibits the Commission from granting an operating license to any facility whose emergency plans and preparedness are determined to be inadequate. Directs the Commission to report to the Congress within two years after enactment of this Act regarding the findings of a study to determine the adequacy of the emergency contingency plans of production and utilization facilities which have been issued an operating license on or before the date of enactment of this Act.