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NJ S4592
Bill
Status
6/5/2025
Primary Sponsor
Britnee Timberlake
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AI Summary
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Imposes a 30 percent "electric public utility windfall surtax" on electric utilities whose allocated taxable net income exceeds 20 percent above their average income from the previous five privilege periods
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Defines "windfall income" as the portion of taxable net income that surpasses the 20 percent threshold above the five-year average, with only that excess amount subject to the surtax
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Prohibits tax credits from being applied against the windfall surtax, except for installment payments, estimated payments made with extension requests, and overpayments from prior periods
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Requires all surtax revenues (except constitutionally dedicated open space/farmland/historic preservation funds) to be appropriated to the Board of Public Utilities for distribution to ratepayers
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Directs the Board of Public Utilities to distribute surtax proceeds proportionally among all ratepayers of the electric public utility that paid the surtax
Legislative Description
Imposes 30 percent electric public utility windfall surtax on certain taxpayers with allocated taxable net income in excess of 20 percent above five-year average income under CBT.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
6/5/2025