New Jersey S2719 imposes a 30% surtax on electric public utilities with income exceeding 20% above their five-year average.
New Jersey S2719 introduces a 30% electric public utility windfall surtax on certain taxpayers with allocated taxable net income exceeding 20% above their five-year average income under the Corporation Business Tax Act. The surtax applies to electric public utilities and is in addition to their regular corporation business tax liability. The Board of Public Utilities will determine how to distribute the surtax proceeds proportionally among all ratepayers of the electric public utility.
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