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Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2024
Income Taxes [Line Items] |
Income Taxes | Income Taxes A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:
|  |  |  |  | Three Months Ended |
| PSEG |  |  |  | March 31, |
|  |  |  |  |  |  | 2024 |  | 2023 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income |  |  |  |  |  | $ | 629 |  |  | $ | 1,585 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 132 |  |  | $ | 333 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 40 |  |  | 108 |  |
| Uncertain Tax Positions |  |  |  |  |  | 1 |  |  | (6) |  |
| Leasing Activities |  |  |  |  |  | — |  |  | (17) |  |
| GPRC-Clean Energy Future (CEF)-EE |  |  |  |  |  | (15) |  |  | (16) |  |
| Estimated Annual Effective Tax Rate Interim Period Adjustment |  |  |  |  |  | (17) |  |  | (23) |  |
| TAC |  |  |  |  |  | (43) |  |  | (75) |  |
| Other |  |  |  |  |  | (1) |  |  | (6) |  |
| Subtotal |  |  |  |  |  | (35) |  |  | (35) |  |
| Total Income Tax Expense |  |  |  |  |  | $ | 97 |  |  | $ | 298 |  |
| Effective Income Tax Rate |  |  |  |  |  | 15.4 | % |  | 18.8 | % |
A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:
|  |  |  |  | Three Months Ended |
| PSE&G |  |  |  | March 31, |
|  |  |  |  |  |  | 2024 |  | 2023 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income |  |  |  |  |  | $ | 580 |  |  | $ | 541 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 122 |  |  | $ | 114 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 41 |  |  | 38 |  |
| GPRC-CEF-EE |  |  |  |  |  | (15) |  |  | (16) |  |
| TAC |  |  |  |  |  | (43) |  |  | (75) |  |
| Other |  |  |  |  |  | (13) |  |  | (7) |  |
| Subtotal |  |  |  |  |  | (30) |  |  | (60) |  |
| Total Income Tax Expense |  |  |  |  |  | $ | 92 |  |  | $ | 54 |  |
| Effective Income Tax Rate |  |  |  |  |  | 15.9 | % |  | 10.0 | % |
PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments. In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023, and made certain changes to existing energy tax credit laws. For 2023 and the first quarter of 2024, PSEG and PSE&G recorded their best estimates of the impact of the CAMT. Certain changes to the energy tax credit laws include: a new PTC for existing nuclear generation facilities, effective 2024 through 2032, a new technology neutral energy tax credit, which includes new nuclear units and increases to nuclear generation capacity, effective 2025, and the transferability of the energy tax credits, effective 2023. The PTC for a given nuclear facility can be increased by five times if prevailing wage rules are met and is designed to phase down as the facility’s gross receipts increase. The PTC rate and phase down amount are subject to the Internal Revenue Service’s determination of annual inflation. Despite the issuance of various Notices that provide interim guidance related to the CAMT, the rules related to the PTC for existing nuclear generation facilities and the CAMT remain unclear and are in need of further guidance; therefore, their impact on PSEG's and PSE&G's financial statements is subject to continued evaluation. The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact PSEG’s and PSE&G’s financial statements. As of March 31, 2024, PSEG had a $27 million state net operating loss (NOL) and PSE&G had a $73 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.
Public Service Electric and Gas Company [Member] |
Income Taxes [Line Items] |
Income Taxes | Income Taxes A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:
|  |  |  |  | Three Months Ended |
| PSEG |  |  |  | March 31, |
|  |  |  |  |  |  | 2024 |  | 2023 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income |  |  |  |  |  | $ | 629 |  |  | $ | 1,585 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 132 |  |  | $ | 333 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 40 |  |  | 108 |  |
| Uncertain Tax Positions |  |  |  |  |  | 1 |  |  | (6) |  |
| Leasing Activities |  |  |  |  |  | — |  |  | (17) |  |
| GPRC-Clean Energy Future (CEF)-EE |  |  |  |  |  | (15) |  |  | (16) |  |
| Estimated Annual Effective Tax Rate Interim Period Adjustment |  |  |  |  |  | (17) |  |  | (23) |  |
| TAC |  |  |  |  |  | (43) |  |  | (75) |  |
| Other |  |  |  |  |  | (1) |  |  | (6) |  |
| Subtotal |  |  |  |  |  | (35) |  |  | (35) |  |
| Total Income Tax Expense |  |  |  |  |  | $ | 97 |  |  | $ | 298 |  |
| Effective Income Tax Rate |  |  |  |  |  | 15.4 | % |  | 18.8 | % |
A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:
|  |  |  |  | Three Months Ended |
| PSE&G |  |  |  | March 31, |
|  |  |  |  |  |  | 2024 |  | 2023 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income |  |  |  |  |  | $ | 580 |  |  | $ | 541 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 122 |  |  | $ | 114 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 41 |  |  | 38 |  |
| GPRC-CEF-EE |  |  |  |  |  | (15) |  |  | (16) |  |
| TAC |  |  |  |  |  | (43) |  |  | (75) |  |
| Other |  |  |  |  |  | (13) |  |  | (7) |  |
| Subtotal |  |  |  |  |  | (30) |  |  | (60) |  |
| Total Income Tax Expense |  |  |  |  |  | $ | 92 |  |  | $ | 54 |  |
| Effective Income Tax Rate |  |  |  |  |  | 15.9 | % |  | 10.0 | % |
PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments. In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023, and made certain changes to existing energy tax credit laws. For 2023 and the first quarter of 2024, PSEG and PSE&G recorded their best estimates of the impact of the CAMT. Certain changes to the energy tax credit laws include: a new PTC for existing nuclear generation facilities, effective 2024 through 2032, a new technology neutral energy tax credit, which includes new nuclear units and increases to nuclear generation capacity, effective 2025, and the transferability of the energy tax credits, effective 2023. The PTC for a given nuclear facility can be increased by five times if prevailing wage rules are met and is designed to phase down as the facility’s gross receipts increase. The PTC rate and phase down amount are subject to the Internal Revenue Service’s determination of annual inflation. Despite the issuance of various Notices that provide interim guidance related to the CAMT, the rules related to the PTC for existing nuclear generation facilities and the CAMT remain unclear and are in need of further guidance; therefore, their impact on PSEG's and PSE&G's financial statements is subject to continued evaluation. The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact PSEG’s and PSE&G’s financial statements. As of March 31, 2024, PSEG had a $27 million state net operating loss (NOL) and PSE&G had a $73 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

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