Terms Used In New Jersey Statutes 52:27D-440

  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
3. If, in any State fiscal year, net payments under the “Sales and Use Tax Act,” P.L.1966, c.30 (C. 54:32B-1 et seq.) from sales and use of energy or utility services, net payments under the Corporation Business Tax Act (1945), P.L.1945, c.162 (C. 54:10A-1 et seq.) from gas, electric, and gas and electric public utilities, whether municipal or otherwise, that were subject to tax pursuant to the provisions of P.L.1940, c.5 (C. 54:30A-49 et seq.) prior to January 1, 1998, net payments under the Corporation Business Tax Act (1945), P.L.1945, c.162 (C. 54:10A-1 et seq.) from telecommunications public utilities that were subject to tax pursuant to the provisions of P.L.1940, c.4 (C. 54:30A-16 et seq.) as of April 1, 1997, net payments under P.L.1940, c.5 (C. 54:30A-49 et seq.) from sewerage and water corporations, net payments under the “Transitional Energy Facility Assessment Act,” P.L.1997, c.162 (C. 54:30A-100 through C. 54:30A-113) exceed $1,425,000,000, 75% of that amount of net payments in excess of $1,425,000,000 shall be credited to the “Energy Tax Receipts Property Tax Relief Fund” in addition to the amount credited pursuant to section 2 of P.L.1997, c.167 (C. 52:27D-439), for distribution to municipalities as additional aid.

L.1997,c.167,s.3.

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