The Nuclear Red Tape Reduction Act seeks to streamline the nuclear power licensing process by requiring the Nuclear Regulatory Commission to more aggressively apply risk-informed and performance-based approaches to its decision-making. The bill modifies hearing requirements for nuclear facilities by establishing a 30-day deadline for the public to request hearings on construction permits and allowing the NRC to skip hearings for operating licenses and license amendments when no significant safety concerns are identified, while reducing the timeline for combined license reviews from 60 days to 45 days. The legislation affects nuclear power plant operators and developers seeking faster approval processes, as well as members of the public who wish to participate in licensing decisions. Within 120 days of enactment, the bill requires the NRC to report to Congress on its authority to extend nuclear plant operating licenses beyond the standard 20-year renewal term. No specific funding is allocated in the bill, as it primarily directs regulatory changes rather than appropriations.