NJ A4021

Creates tax credits against New Jersey's Corporation Business Tax (CBT) and Gross Income Tax for electric energy generators who upgrade existing facilities to increase electricity production by at least 5%.

Tax credit equals the lesser of 75% of total upgrade costs (including permit fees) or $5,000,000 per taxpayer.

Eligible upgrades include improving energy efficiency, enhancing grid and equipment technologies, integrating distributed energy and storage resources, and adding utility-scale renewables and storage systems.

Taxpayers must obtain certification from the Board of Public Utilities documenting the upgrades, pre- and post-upgrade kilowatt-hour production, and the credit amount; unused credits may be carried forward for four years.

Total cumulative tax credits under this program are capped at $100 million, and the Division of Taxation must report on the program's effectiveness within five years.