The bill modifies the definition of Class I renewable energy to include nuclear fission, expanding the classification to recognize it alongside existing sources such as solar, wind, and geothermal energy. This inclusion aims to promote the production of clean baseload power, which is crucial for maintaining a stable energy supply. Additionally, the bill introduces a Corporate Business Tax (CBT) credit for the production of clean baseload energy, defined as electric energy that can be generated continuously without emitting greenhouse gases, including nuclear fission. The tax credit is set at $1,000 for each gigawatt hour produced, with specific application and certification processes for taxpayers.

Furthermore, the bill amends existing laws related to the regulation of the interstate transmission of electricity, natural gas, and oil, clarifying key definitions and roles within the energy sector. New concepts such as "government energy aggregation program" and "greenhouse gas emissions portfolio standard" are introduced to enhance the regulatory framework and promote renewable energy initiatives. The overall intent of the bill is to support existing nuclear power stations in New Jersey and encourage the development of new nuclear generation assets, positioning nuclear power as a vital technology for achieving reliable, large-scale electricity generation without greenhouse gas emissions. The provisions are set to take effect immediately, with the tax credit applicable to tax years beginning after enactment.

Statutes affected:
Introduced: 48:3-51