New Jersey A1335 imposes a 30% surtax on electric public utilities with net income 20% above their five-year average.

New Jersey A1335 introduces a 30% electric public utility windfall surtax on net income exceeding 20% above the five-year average. This surtax applies to electric public utilities, defined as those transmitting and distributing electricity within the state. The windfall income is calculated based on the Corporation Business Tax Act. The surtax is in addition to regular corporation business tax liability and cannot be credited except for specific payment scenarios.

New Jersey A1335 imposes a 30% surtax on electric public utilities with net income 20% above their five-year average.

New Jersey A1335 introduces a 30% electric public utility windfall surtax on net income exceeding 20% above the five-year average. This surtax applies to electric public utilities, defined as those transmitting and distributing electricity within the state. The windfall income is calculated based on the Corporation Business Tax Act. The surtax is in addition to regular corporation business tax liability and cannot be credited except for specific payment scenarios.