Imposes 10 percent electric public utility windfall surtax on taxpayers with allocated taxable net income in excess of $10 million under CBT.

This bill introduces a 10 percent surtax on electric public utilities in New Jersey that earn more than $10 million in taxable net income, targeting companies with high profits. The tax applies to utility providers subject to the state's Corporation Business Tax and is calculated based on their allocated taxable net income for privilege periods starting after the bill's enactment. Revenues collected from this surtax, excluding amounts reserved for open space and historic preservation, will be directed to the Board of Public Utilities to fund programs that assist low-income residential customers with utility bills. Additionally, the bill prohibits the Board of Public Utilities from approving any rate increases that would include the costs associated with complying with this new tax.