New Jersey A4698 imposes a 10% surtax on electric public utilities with net income over $10 million to fund utility assistance programs.

New Jersey A4698 establishes a 10% electric public utility windfall surtax on electric public utilities with allocated taxable net income exceeding $10 million. The surtax is intended to fund utility assistance programs that support low-income residents and businesses. The bill prohibits the Board of Public Utilities from approving rate increases that include the cost of compliance with its provisions.

New Jersey A4698 imposes a 10% surtax on electric public utilities with net income over $10 million to fund utility assistance programs.

New Jersey A4698 establishes a 10% electric public utility windfall surtax on electric public utilities with allocated taxable net income exceeding $10 million. The surtax is intended to fund utility assistance programs that support low-income residents and businesses. The bill prohibits the Board of Public Utilities from approving rate increases that include the cost of compliance with its provisions.