Bill > S4592

Introduced Session

This bill imposes a 30 percent surtax, to be called the electric public utility windfall surtax, on the windfall income of electric public utilities. Under the bill, "windfall income" means the amount of allocated taxable net income of an electric public utility that is 20 percent greater than the average allocated taxable net income of the utility during the five immediately preceding privilege periods. The bill defines "allocated taxable net income" to mean the same as the term "taxable net income" is defined in the "Corporation Business Tax Act" for purposes of calculating a taxpayer's corporation business tax liability. The electric public utility windfall surtax is to be imposed in addition to the taxpayer's regular corporation business tax liability. No credits are to be allowed against the electric public utility windfall surtax, except for credits for installment payments, estimated payments made with a request for an extension of time for filing a return, or overpayments from prior privilege periods. All revenues collected from the electric public utility windfall surtax, except for amounts constitutionally dedicated for open space, farmland, and historic preservation, are to be annually appropriated to the Board of Public Utilities (board) for distribution to the ratepayers of each electric public utility subject to the electric public utility surtax. The bill requires the board to prescribe the method by which the funds appropriated from surtax proceeds are distributed, except that these monies are required to be distributed proportionally among all ratepayers of the electric public utility.

Committee Categories

Britnee Timberlake (D)*,  Renee Burgess (D), 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 06/05/2025)

Official Document