RIVER EDGE REDEVELOPMENT ZONE

Amends the River Edge Redevelopment Zone Act. Provides that a public utility may receive a deduction against income subject to State taxes for (i) a contribution to a designated zone organization for costs of installing, replacing, modifying, removing, improving, or maintaining any substation facility located within the River Edge Redevelopment Zone or (ii) the costs incurred by the public utility of installing, replacing, modifying, improving, or maintaining any substation facility located within the River Edge Redevelopment Zone if the project for which the costs are incurred has been specifically approved by the designating municipality and by the Department of Commerce and Economic Opportunity. Provides that a public utility shall recover the costs of installing, replacing, modifying, improving, removing, or maintaining its facilities located within the River Edge Redevelopment Zone across all customers in its service territory. Contains other provisions. Effective immediately.