This bill makes it cheaper for companies to get approval from the Nuclear Regulatory Commission (NRC) when they want to build new advanced nuclear reactors. Right now, when a company applies for a license to build one of these newer reactor designs, the NRC charges them fees that cover not just the direct cost of reviewing their application, but also overhead expenses like administrative support and indirect program costs. This bill changes that by saying the NRC can only charge advanced reactor companies for the actual salaries and work hours of the people directly reviewing their application—not the back-office expenses.

The bill applies to two types of companies: those actively applying for a license (called "applicants") and those in early planning stages who are preparing to apply later (called "preapplicants"). Both groups get the same fee reduction. Instead of paying for a chunk of the NRC's overall operating costs, they'll only pay for the direct professional time spent on their specific project. The bill also limits how much the NRC can charge by tying fees to the standard hourly rate for the NRC's nuclear safety program staff. This fee reduction is temporary—it's set to expire on September 30, 2029—and takes effect on October 1, 2024. The goal is to reduce the financial burden on companies developing advanced nuclear technology, potentially making it easier for new reactor designs to move through the approval process.