September 7, 2023 | pressofatlanticcity.com
A state judge will rule next month on whether to grant New Jersey's motion to dismiss a lawsuit challenging a $1 billion tax break for offshore wind development.
The company further obtained rights to its first project, Ocean Wind 1, on assertions it would not keep federal tax credits, instead handing them to ratepayers, the suit states.
The state, however, stated in a dismissal motion that three federal laws, including the Inflation Reduction Act of 2022, make the tax break legal.
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NJ SEED: The company asserts that it will not keep federal tax credits, but is an assertion legally binding? It would appear that the state has multiple statues to support its defense in the suit.