This bill establishes tax incentives for generators who upgrade their existing energy infrastructure to increase electricity production by at least five percent. It provides tax credits against both the corporation business tax and the gross income tax, calculated as the lesser of 75 percent of the total costs incurred for the upgrades or $5,000,000. To qualify for the tax credit, taxpayers must apply to the Board of Public Utilities (BPU) for certification, detailing the upgrades made, the increase in energy production, and the associated costs. The upgrades can include improvements in energy efficiency, enhanced technologies, and increased integration of renewable energy sources.

Additionally, the bill mandates that the total value of tax credits awarded under this program cannot exceed $100 million. It requires the BPU to send a copy of any certification to the taxpayer and the Director of the Division of Taxation. Furthermore, the bill stipulates that a report summarizing the effectiveness of the tax credit must be submitted to the Governor, State Treasurer, and Legislature within five years of the bill's effective date. The BPU, in consultation with the director, is also tasked with adopting necessary rules and regulations to implement the provisions of the act.