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BPU approves deferred accounting and customer credits after GRT error; Middlesex pact raises revenue but phases refunds
Summary
The board approved staff recommendations for deferred accounting and refunds after a gross-receipts-tax error and adopted a settlement that increases joint petitioners' revenue requirement while providing customer bill credits and specified quarterly bill impacts for Middlesex and Pinelands customers.
The Board of Public Utilities on Feb. 18 approved a series of water-utility actions tied to a gross receipts tax (GRT) error and related rate proceedings.
Staff told the board that in August 2024 the division of taxation discovered an error that caused the GRT to be charged at an incorrect rate; in March 2025 the board directed affected utilities to defer the effects on books and records. Aqua New Jersey filed a petition on June 2, 2025, seeking approval of deferred accounting treatment of the GRT and a method to refund…
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