Amends the Nuclear Waste Policy Act of 1982 to authorize the Secretary of Energy to use amounts in the Nuclear Waste Fund to make competitive grants to or enter into long-term contracts with private sector entities for the recycling of spent nuclear fuel.
Directs the Nuclear Regulatory Commission to complete a rulemaking establishing a process for licensing by the Nuclear Regulatory Commission (NRC), under the Atomic Energy Act of 1954, of facilities for the recycling of spent nuclear fuel.
Amends the Nuclear Waste Policy Act of 1982 to provide that the receipt and disbursements of the Nuclear Waste Fund shall not be counted as new budget authority, outlays, receipts, or deficits or surplus for purposes of the executive budget, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) (thereby moving the Fund off-budget).