This bill aims to promote the construction and operation of advanced nuclear energy facilities in New Jersey by establishing tax credits and financial grants. It offers a 15% tax credit for manufacturers of equipment and components for these facilities, with a potential increase to 25% for businesses relocating to New Jersey or those certified as minority, women-owned, or veteran-owned. The bill also creates the New Jersey Advanced Nuclear Energy Development Program, administered by the New Jersey Economic Development Authority, which will provide incentive tax credits to developers who meet specific criteria, including demonstrating economic feasibility without the tax credit and adhering to environmental and labor standards. Additionally, the bill introduces a framework for the transfer of incentive tax credits and defines terms related to advanced nuclear energy facilities.

To support these initiatives, the bill establishes the Advanced Nuclear Energy Grant Fund, which will finance grants of $50 per megawatt-hour generated by the first advanced nuclear energy facility operating in the state for the first 25 years. Funding for these grants will come from an annual fee assessed on electric public utilities based on their share of the state's total electricity supply, which can be recovered through a non-bypassable charge to customers. The legislation also amends existing laws related to energy regulation, clarifying definitions and roles of various entities involved in energy supply and management, and emphasizes the importance of energy efficiency and sustainable practices. Overall, the bill seeks to enhance the economic viability of advanced nuclear energy projects while fostering technological advancements in the sector.

Statutes affected:
Introduced: 48:3-51