This bill aims to promote the construction and operation of advanced nuclear energy facilities in New Jersey by establishing tax credits and financial grants. It offers a 15% tax credit for manufacturers of equipment and components for these facilities, with a potential increase to 25% for businesses relocating to New Jersey or those certified as minority, women-owned, or veteran-owned. The bill also creates the New Jersey Advanced Nuclear Energy Development Program, which provides incentive tax credits to developers who meet specific criteria, including economic feasibility, environmental compliance, and prevailing wage standards. Additionally, it introduces a framework for the Advanced Nuclear Energy Grant Fund, which will provide annual grants of $50 per megawatt-hour generated for the first advanced nuclear facility in the state, funded through fees assessed on electric public utilities.

The legislation includes provisions for the transfer of tax credits and establishes new definitions related to advanced nuclear energy facilities, ensuring clarity in regulatory processes. It amends existing laws concerning energy services and solar electric power generation facilities, specifying criteria for facility connections and defining key terms to enhance the regulatory framework. The bill also allows electric public utilities to recover fees through a non-bypassable charge to customers, ensuring that the financial responsibilities are shared. Overall, the bill seeks to advance New Jersey's energy landscape by incentivizing the development of advanced nuclear energy while maintaining regulatory integrity and transparency.

Statutes affected:
Introduced: 48:3-51