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NJ S2715
Bill
Status
1/13/2026
Primary Sponsor
Britnee Timberlake
Click for details
AI Summary
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Imposes a 10% surtax on electric public utilities with allocated taxable net income exceeding $10 million, in addition to their regular Corporation Business Tax liability
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Revenue from the surtax must be annually appropriated to the Board of Public Utilities to fund utility assistance programs, including the Winter Termination Program, Universal Service Fund, Lifeline Credit Program, and Low Income Home Energy Assistance Program
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Prohibits the Board of Public Utilities from approving any rate increases or charges to ratepayers that include the cost of compliance with 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
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Takes effect for privilege periods beginning on or after January 1 of the year following enactment
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
1/13/2026