A bill to amend section 162 of the Internal Revenue Code of 1954 with respect to allowing a deduction for additions to reserves established for decommissioning costs and spent fuel costs associated with nuclear power plants.

Amends the Internal Revenue Code to provide a business expense income tax deduction for additions to a reserve established for the costs incurred by a regulated public utility in decommissioning (retiring) a nuclear powerplant. Allows a deduction for amounts added to such reserve for the removal, storage, treatment, or disposal of spent nuclear fuel or nuclear fuel wastes. Requires the ratemaking regulatory body to institute limitations for such deduction.