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 related to 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, which provides incentive tax credits to developers who meet specific criteria, including economic feasibility, environmental compliance, and prevailing wage standards. Developers can apply for tax credits against their tax liabilities, but unused credits can only be carried forward under certain uncontrollable circumstances.

Additionally, the bill establishes the Advanced Nuclear Energy Grant Fund within the Board of Public Utilities, which will finance grants for the first advanced nuclear energy facility in the state, providing $50 per megawatt-hour of electricity generated for 25 years. To fund these grants, an annual fee will be assessed on electric public utilities, which can recover some costs through a non-bypassable charge to customers. The bill also amends existing laws related to energy regulation, introducing new definitions and clarifying criteria for energy facilities, thereby enhancing the regulatory framework governing energy generation and consumption in New Jersey.

Statutes affected:
Introduced: 48:3-51