This bill establishes tax incentives for generators who upgrade their existing energy infrastructure to increase electricity production by at least five percent. It provides tax credits against both the corporation business tax and the gross income tax, calculated as the lesser of 75 percent of the total costs incurred for the upgrades or $5,000,000. To qualify for the tax credit, taxpayers must apply to the Board of Public Utilities (BPU) for certification, detailing the upgrades made, the increase in energy production, and the associated costs. The upgrades can include improvements in energy efficiency, enhanced technologies, and increased integration of renewable energy sources.

Additionally, the bill sets a cumulative cap of $100 million on the total tax credits that can be awarded and mandates that the BPU transmit certification copies to the Director of the Division of Taxation. It also requires the Division to submit a report within five years of the bill's effective date, summarizing the effectiveness of the tax credit in incentivizing infrastructure upgrades. The BPU, in consultation with the director, is tasked with adopting necessary rules and regulations to implement the provisions of the act.