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A1335

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.

Introduced·1/13/26
Introduced Text

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.

Included in complete analysis

  • Overview
  • Core Provisions
  • Implementation
  • Impact
  • Legal Framework
  • Critical Issues

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Where it stands

Current
Telecommunications and Utilities Committee
Next
Committee decision

Sponsors

DD
2
0
Democratic CaucusRepublican Caucus

History

Jan 13

Assembly

Introduced, Referred to Assembly Telecommunications and Utilities Committee