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New Jersey Statutes, Title: 48, PUBLIC UTILITIES
Chapter 3: Unjust or unreasonable discriminations or classifications of rates; "board" defined
Section: 48:3-87.2c: Qualified offshore wind project, elect, retain, incremental federal tax benefits.
3. a. Notwithstanding the provisions of P.L.2010, c.57 (C.48:3-87.1 et al.) or of any other law, rule, or regulation, or board regulation or order concerning the development of offshore wind projects, to the contrary, a qualified offshore wind project awarded prior to July 1, 2019 that satisfies the requirements in section 4 of P.L.2023, c.99 (C.48:3-87.2d), as determined by the board, may elect to retain any incremental federal tax benefits that the project receives pursuant to the "Taxpayer Certainty and Disaster Tax Relief Act of 2020," Pub.L.116-260, the "Inflation Reduction Act of 2022," Pub.L.117-169, and section 41 of the federal Internal Revenue Code of 1986 (26 U.S.C. s.41).
b. For the purpose of subsection a. of this section, the amount of each applicable incremental federal tax benefit shall be the product of:
(1) the project's total IRS-approved eligible costs; and
(2) the difference between each federal tax credit rate applicable to the project pursuant to the "Taxpayer Certainty and Disaster Tax Relief Act of 2020," Pub.L.116-260, the "Inflation Reduction Act of 2022," Pub.L.117-169, or section 41 of the federal Internal Revenue Code of 1986 (26 U.S.C. s.41) and the federal tax credit rate identified in the qualified offshore wind project's approved OREC pricing proposal.
c. Notwithstanding the provisions of P.L.2010, c.57 (C.48:3-87.1 et al.) or of any other State law, rule, or regulation, or board regulation or order concerning the development of offshore wind projects, to the contrary, a qualified offshore wind project awarded prior to July 1, 2019 that elects to retain incremental federal tax benefits pursuant to subsection a. of this section and that satisfies the requirements in section 4 of P.L.2023, c.99 (C.48:3-87.2d) may additionally retain the portion of the federal tax credits received by the project, calculated by multiplying the tax credit rate identified in the project's approved OREC pricing proposal by the difference between the project's total IRS-approved eligible costs and the project's estimated costs at bid.
L.2023, c.99, s.3.
This section added to the Rutgers Database: 2023-10-20 18:09:09.
Older versions of 48:3-87.2c (if available):
Court decisions that cite this statute: CLICK HERE.