This bill reduces regulatory fees that advanced nuclear reactor companies pay to the Nuclear Regulatory Commission for application review and licensing. The legislation caps the hourly rates charged to advanced reactor applicants and preapplicants at only the direct salary and benefits costs of NRC staff, excluding overhead and support costs that would normally be passed along to applicants. The fee reduction applies starting October 1, 2024, and sunset on September 30, 2029, giving the advanced reactor industry a five-year window of lower regulatory costs to help develop and commercialize new reactor technologies. This change is intended to lower barriers to entry for companies pursuing innovative nuclear reactor designs by reducing the financial burden of the regulatory approval process.