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NJ S4483
Bill
Status
5/19/2025
Primary Sponsor
Britnee Timberlake
Click for details
AI Summary
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Imposes a 10 percent "electric public utility windfall surtax" on electric utilities with allocated taxable net income exceeding $10 million, in addition to their regular corporation business tax
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Applies to public utilities that transmit and distribute electricity to end users in New Jersey, effective for tax privilege periods beginning January 1 of the year following enactment
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All surtax revenues (except constitutionally dedicated amounts for open space and historic preservation) must be appropriated to the Board of Public Utilities to fund utility assistance programs
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Prohibits the Board of Public Utilities from approving any rate increases or charges to ratepayers that pass along the cost of this surtax
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No tax credits may be applied against the surtax except for installment payments, estimated payments with extension requests, or overpayments from prior periods
Legislative Description
Imposes 10 percent electric public utility windfall surtax on taxpayers with allocated taxable net income in excess of $10 million under CBT.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
5/19/2025