A 4698
Imposes 10 percent electric public utility windfall surtax on taxpayers with allocated taxable net income in excess of $10 million under CBT.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill imposes a 10 percent electric public utility windfall surtax on taxpayers in New Jersey with allocated taxable net income exceeding $10 million. The surtax, designated the ‘electric public utility windfall surtax,’ is intended to supplement existing utility assistance programs. Revenue generated from this surtax will be directed to the Board of Public Utilities to fund these programs, and rate increases to cover compliance costs are prohibited. The act takes effect immediately and applies to privilege periods beginning after January 1 of the following year.
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