(Sec. 1) States that fees collected by the Secretary of Energy and deposited into the Nuclear Waste Fund shall be credited to the Fund as offsetting collections beginning October 1, 2004, and continuing through September 30, 2009, not to exceed the amounts annually appropriated during that period from the Fund. Sets a maximum amount for FY 2005 at $576 million.
Authorizes necessary appropriations from the Fund to the extent that the level of budgetary resources from offsetting collections is insufficient to implement activities under the Nuclear Waste Policy Act of 1982 for a fiscal year.
(Sec. 2) Instructs the Secretary to report to Congress biennially regarding the Fund's adequacy (including an assessment of whether current unexpended balances in the Fund, if made fully available to the Secretary, would affect annual fee determinations).
Requires the report also to recommend whether this Act should be extended beyond its current expiration date of September 30, 2009, and whether alternative approaches may be necessary to access unexpended balances in the Fund.