The bill amends the definition of Class I renewable energy under the Energy Discount and Energy Competition Act to include nuclear fission as a clean energy source, expanding the previous classification that only recognized solar, wind, and other renewable sources. This inclusion aims to support existing nuclear power stations in New Jersey and promote the development of new nuclear generation assets. Additionally, the bill introduces a Corporate Business Tax (CBT) credit of $1,000 for each gigawatt hour of clean baseload energy produced, which is defined as energy that can be generated continuously without emitting greenhouse gases, including nuclear fission.

Furthermore, the legislation updates existing laws governing the interstate transmission of electricity, natural gas, and oil by introducing new definitions and clarifying the roles of various entities in the energy sector. It establishes standards for greenhouse gas emissions and introduces terms such as "greenhouse gas emissions portfolio standard" and "resource recovery facility." The overall goal of the bill is to modernize the regulatory framework of the energy sector, enhance competition and efficiency, and ensure environmental compliance, thereby facilitating New Jersey's transition to a more sustainable energy future. The provisions of the bill are set to take effect immediately, with the tax credit applicable to tax years beginning after enactment.

Statutes affected:
Introduced: 48:3-51