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 will provide incentive tax credits to developers who meet specific criteria, including demonstrating economic feasibility without the tax credit and contributing at least 20% of the total project cost. Additionally, it introduces a new framework for financial grants, providing $50 per megawatt-hour for the first advanced nuclear energy facility operating in the state for the first 25 years.

To fund these grants, the bill mandates an annual fee on electric public utilities based on their share of the state's total electricity supply, with the total collected covering grant costs. The Advanced Nuclear Energy Grant Fund will be established to manage these funds, ensuring they are used exclusively for financing advanced nuclear energy grants. The bill also amends existing laws related to tax credits for developers, allowing for the transfer of incentive tax credits under certain conditions and defining terms related to advanced nuclear energy. Overall, the legislation seeks to enhance the regulatory landscape for energy generation and consumption in New Jersey while supporting the growth of advanced nuclear energy facilities.

Statutes affected:
Introduced: 48:3-51