New Jersey § 48:3-87
Full text of New Jersey New Jersey Statutes § 48:3-87, with citation guidance and answers to common questions.
§ 48:3-87.
a. Notwithstanding the provisions of P.L.2010, c. 57 ( C.48:3-87.1 et al.) or of any other law, rule, or regulation, or board regulation or order concerning
the development of offshore wind projects, to the contrary, a qualified offshore wind
project awarded prior to July 1, 2019 that satisfies the requirements in section 4
of P.L.2023, c. 99 ( C.48:3-87.2d ), as determined by the board, may elect to retain any incremental federal tax benefits
that the project receives pursuant to the “Taxpayer Certainty and Disaster Tax Relief
Act of 2020,” Pub.L.116-260 , the “Inflation Reduction Act of 2022,” Pub.L.117-169 , and section 41 of the federal Internal Revenue Code of 1986 ( 26 U.S.C. s.41 ). b. For the purpose of subsection a. of this section, the amount of each applicable
incremental federal tax benefit shall be the product of: (1) the project's total IRS-approved eligible costs; and (2) the difference between each federal tax credit rate applicable to the project
pursuant to the “Taxpayer Certainty and Disaster Tax Relief Act of 2020,” Pub.L.116-260 , the “Inflation Reduction Act of 2022,” Pub.L.117-169 , or section 41 of the federal Internal Revenue Code of 1986 ( 26 U.S.C. s.41 ) and the federal tax credit rate identified in the qualified offshore wind project's
approved OREC pricing proposal. c. Notwithstanding the provisions of P.L.2010, c. 57 ( C.48:3-87.1 et al.) or of any other State law, rule, or regulation, or board regulation or order
concerning the development of offshore wind projects, to the contrary, a qualified
offshore wind project awarded prior to July 1, 2019 that elects to retain incremental
federal tax benefits pursuant to subsection a. of this section and that satisfies
the requirements in section 4 of P.L.2023, c. 99 ( C.48:3-87.2d ) may additionally retain the portion of the federal tax credits received by the project,
calculated by multiplying the tax credit rate identified in the project's approved
OREC pricing proposal by the difference between the project's total IRS-approved eligible
costs and the project's estimated costs at bid.
Frequently Asked Questions About New Jersey § 48:3-87
What does New Jersey Statutes § 48:3-87 cover?
Section 48:3-87 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 48:3-87?
A common citation format is "New Jersey Statutes § 48:3-87" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 48:3-87 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.