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NJ S2719
Bill
Status
1/13/2026
Primary Sponsor
Britnee Timberlake
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AI Summary
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Imposes a 30% surtax on electric public utilities in New Jersey when their allocated taxable net income exceeds 20% above their five-year average income, calculated under the Corporation Business Tax Act.
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Defines "windfall income" as the portion of taxable net income that is more than 20% greater than the utility's average income over the five preceding tax periods.
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Prohibits tax credits from being applied against the windfall surtax, except for installment payments, estimated payments with extension requests, and overpayments from prior periods.
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Requires all surtax revenues (except constitutionally dedicated amounts for open space and preservation) to be appropriated annually to the Board of Public Utilities for distribution back to ratepayers.
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Takes effect immediately and applies to privilege periods beginning January 1 of the year following enactment.
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
1/13/2026