TRENTON — A bill introduced in the New Jersey General Assembly would classify nuclear fission as a renewable energy source and create a tax credit for facilities producing continuous, emissions-free electricity.
Sponsored by Assemblyman Alex Sauickie and co-sponsored by Assemblymen Robert Clifton, Gerry Scharfenberger, and Assemblywoman Victoria Flynn, the legislation proposes amending the state’s energy law to include nuclear fission within the definition of “Class I renewable energy.” That category currently includes sources like solar, wind, and geothermal.
If passed, the bill would also allow a $1,000 Corporation Business Tax (CBT) credit for every gigawatt hour of clean baseload energy produced, defined in the bill as energy generated without emitting greenhouse gases and with the ability to produce power continuously at a constant rate.
“Clean baseload energy includes, but is not limited to, nuclear fission,” the bill states.
To qualify, facilities must apply for certification from the New Jersey Board of Public Utilities (BPU), which would verify the generation totals and authorize the tax credit. Certified producers would be able to carry forward unused tax credits for up to seven years.
The bill specifies that credits under this program cannot be used in combination with other credits for the same energy output and cannot reduce a company’s tax obligation below the minimum statutory requirement.
The proposed legislation would take effect immediately, with the tax credit provisions applying to tax years starting on or after January 1 following its enactment.