This bill permits taxpayers in New Jersey to deduct from their gross income the sales and use taxes and societal benefits charges paid on electric and natural gas utility bills for their principal residence during the taxable year. This deduction aims to alleviate the financial burden on residents by allowing them to account for these utility-related taxes when calculating their taxable income.

Additionally, the bill mandates that electric and natural gas public utility companies separately state the amount of sales and use tax and societal benefits charge on each customer's periodic utility bill. This requirement ensures transparency, allowing customers to clearly see the taxes they are paying alongside their utility charges. The changes will take effect for taxable years beginning on or after January 1 of the year following the bill's enactment.

Statutes affected:
Introduced: 54:32B-14, 48:3-60