This bill mandates that the Governor's annual budget message includes a detailed report on the revenues and expenditures associated with the societal benefits charge. Specifically, it requires the report to present information for the five most recently completed fiscal years and the current fiscal year, including the total revenue collected, allocations for various energy programs, and expenditures from the Universal Services Fund and the Plug-in Electric Vehicle Incentive Fund. The bill aims to enhance transparency regarding how the revenues from the societal benefits charge are generated and utilized.

Additionally, the bill stipulates that the New Jersey Board of Public Utilities will assist the Governor in preparing this report. It emphasizes the need for itemized statements detailing the amounts committed for expenditure and expended for energy efficiency programs, renewable energy initiatives, and other related programs. The report will also include information on the total societal benefits charge rate and the revenue retained by each electric and gas public utility, thereby providing a comprehensive overview of the financial aspects of the societal benefits charge. The act is set to take effect immediately and will first apply to the fiscal year commencing July 1, 2026.