Jersey Central Power & Light Co. v. City of Asbury Park

The opinion of the court was delivered by

Heher, J.

The initial question for decision is whether intangible personal property of a public utility subject to the taxes prescribed by chapter 8 of the Laws of 1938. (superseded by chapter 5 of the Laws of 1940) was taxable for the years 1939 and 1940 under R. S. 1937, 54:4-1, et seq. We resolve it in the negative.

R. S. 54:4-2 ordained that, “Except as otherwise provided as to particular corporations, all property, real and personal, of a corporation shall be taxed the same as the real and personal property of an individual.” Section 1 of the act of…