New Jersey A4021 provides tax credits for energy infrastructure upgrades that increase electric energy production.
New Jersey A4021 provides tax credits for certain energy infrastructure upgrades that increase electric energy production. The bill allows a credit against the corporation business tax and the gross income tax for upgrades that result in at least a five percent increase in energy generation. The credit is calculated as the lesser of 75 percent of the total costs of upgrades or $5,000,000. The bill requires the Board of Public Utilities to certify the upgrades and transmit a copy of the certification to the taxpayer and the Director of the Division of Taxation.
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