Nuclear Waste Policy Act Amendments Act of 1987

Nuclear Waste Policy Act Amendments Act of 1987 - Amends the Nuclear Waste Policy Act of 1982 to add a new "Title IV - Incentive Agreements." Authorizes the Secretary of Energy to enter into an incentive agreement with a State or affected Indian tribe concerning a repository or monitored retrievable storage facility for the acceptance of high-level radioactive waste or spent nuclear fuel.

Directs the Secretary to seek to enter into negotiations for an incentive agreement with: (1) the Governor of the State containing a site selected for characterization as a candidate site for a first repository; or (2) any affected Indian tribe relating to a monitored retrievable storage facility. Authorizes such States or Indian tribes to seek to enter into an incentive agreement with the Secretary upon a demonstration that such an entity has a site suitable for: (1) characterization for a repository; or (2) the construction of a monitored retrievable storage facility.

Details a benefits schedule of payments to a State or Indian tribe signatory to such an incentive agreement to defray potential expenses. Outlines the provisions of such incentive agreements. Directs the Secretary to make payments under the benefits schedule or incentive agreements from the Nuclear Waste Fund.

Mandates that a review panel be established under such incentive agreements to: (1) advise the Secretary regarding proposed repositories or monitored retrievable storage facilities and related issues; (2) evaluate performance; (3) recommend corrective actions; and (4) participate in data planning and review. Exempts such Panel from the requirements of the Federal Advisory Committee Act. Prescribes the membership of such Panel.

Directs the Secretary to suspend work at other sites selected for characterization as first repository candidate sites as long as a repository incentive agreements are in effect for a given site.

Requires the Secretary to construct and operate a monitored retrievable storage facility as an integral part of the civilian nuclear waste management system.

Sets forth conditions under which incentive agreements may be terminated.

Declares that this Act provides an alternative procedure for the development of repositories and monitored retrievable storage facilities.

Prohibits the Nuclear Regulatory Commission from considering any changes in the schedule for opening a repository or monitored retrievable storage facility resulting from the implementation of this Act in any processing involving a civilian nuclear power reactor.