Nuclear Waste Fund Relief and Rebate Act - Amends the Nuclear Waste Policy Act of 1982 to direct the President to publish in the Federal Register a notice certifying that the Yucca Mountain site (Nevada) is the selected site for the development of a repository for the disposal of high-level radioactive radioactive waste and spent nuclear fuel.
Declares that, if the President fails to publish the certification or revokes it, each entity: (1) that is required to make a payment to the Nuclear Waste Fund shall not be required to make any additional payment; and (2) that has made a payment shall receive a refund, 75% of which shall be used for rebates to the entity's ratepayers, and 25% shall be used to carry out upgrades to the entity's nuclear power facilities to enhance the storage and security of materials used to generate nuclear power.
Requires the Secretary of Energy to initiate by January 1, 2017, the transportation to the Yucca Mountain site of defense waste from each state in which it is located.
Imposes penalties on the Secretary for failure to initiate such transportation.