The bill amends the definition of Class I renewable energy under New Jersey law to include nuclear fission as a qualifying source, thereby expanding the classification of renewable energy to encompass this form of energy alongside existing sources like solar, wind, and geothermal. Additionally, it introduces a Corporate Business Tax (CBT) credit aimed at incentivizing the production of clean baseload power, which is defined as electric energy that can be generated continuously without greenhouse gas emissions. The tax credit is set at $1,000 for each gigawatt hour of clean baseload energy produced, with specific application and certification processes for taxpayers.

Furthermore, the bill removes the word "or" from the definition of Class I renewable energy, reflecting a commitment to diversifying New Jersey's energy portfolio. It also clarifies various terms related to energy regulation, such as "financing entity," "gas public utility," and "government aggregator," while introducing new energy-related programs and standards, including a "Greenhouse gas emissions portfolio standard." Overall, the legislation aims to modernize the legal framework governing energy transmission and supply in New Jersey, supporting the state's goals for reducing greenhouse gas emissions and enhancing energy sustainability.

Statutes affected:
Introduced: 48:3-51