New Jersey Statutes 48:3-63. Proceeds of transition bonds not considered income to utility; tax consequences of sale of assets
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Terms Used In New Jersey Statutes 48:3-63
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
51. a. All proceeds received from the issuance of transition bonds shall not be considered income to the electric public utility or gas public utility for the purposes of the “Corporation Business Tax Act (1945),” P.L.1945, c.162 (C. 54:10A-1 et seq.) or the “New Jersey Gross Income Tax Act,” P.L.1976, c.47 (C. 54A:1-1 et seq.).
b. The Director of the Division of Taxation in the Department of the Treasury is authorized to issue regulations regarding the determination of profit or loss related to the sale of assets which have been deemed to be part of stranded costs pursuant to sections 13 and 14 of this act for purposes of computing the corporation business tax to which the utility is subject.
L.1999,c.23,s.51.