Uranium Mill Tailings Licensing Act

Uranium Mill Tailings Licensing Act - Amends the definition of "by-product material" in the Atomic Energy Act of 1954, as amended, to include naturally occurring daughters of uranium and thorium found in the tailings or wastes produced from the processing of uranium or thorium from source material.

Defers imposition of the licensing requirements for handling "by-product material" under such Act for three years from the date of enactment of this Act.

Authorizes the establishment of standards and instructions necessary to insure that funds will be made available by a nuclear licensee to permit the completion of all requirements for the decommissioning, decontamination, and reclamation and long-term care of sites, structures, and equipment used in conjunction with activities or licensed under the Atomic Energy Act of 1954.

Limits States from exercising authority for the protection of the public health and safety from radiation hazards associated with by-product material except as pursuant to a Federal-State agreement.

Authorizes the Department of Energy to accept donations of reclaimed land used for disposal of by-product material and exempts such lands from the provisions of the Uniform Relocation Assistance and Real Property Acquisitions Policy Act of 1970 and the Federal Property and Administrative Services Act of 1949.

Amends the Atomic Energy Act of 1954 by extending the authority of the Nuclear Regulatory Commission to terminate or suspend that part of a Federal-State agreement relating to State licensing and regulation of uranium and thorium processing and of by-product material when the Commission finds such action is required to assure compliance with this Act.

Directs that no State may exercise authority under a Federal-State agreement with respect to handling by-product material contained in uranium and thorium processing wastes and tailings unless such material is to be disposed of on State or Federal land.

Authorizes the appropriation of $500,000 to the Commission for grant assistance to Agreement States (under the Atomic Energy Act of 1954) to aid in the development of State regulatory programs to implement the provisions of this Act.