Company: MSEX
Filing Date: 2025-07-29
Form Type: 424B5
Source: 0001104659-25-071727
Chunk: 31

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-29
Form: 424B5
Chunk 31
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 future earnings, the financial condition of the Company and other factors. The amount
and timing of dividends may be changed, or the payment of dividends terminated, at any time without notice.

<div align='center'>S-25

CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</div>

The following summary describes
certain material United States federal income tax consequences of participating in the Plan to U.S. participants (as defined below).
This summary is based on current law and regulations as of the date of this prospectus supplement, including the Internal Revenue Code
of 1986, as amended (the “Code”), Treasury regulations promulgated under the Code, rulings and other administrative interpretations
and practices of the Internal Revenue Service (including rulings and other administrative interpretations and practices expressed in
private letter rulings which are binding on the Internal Revenue Service only with respect to the particular taxpayers who requested
and received those rulings), and judicial decisions, all as currently in effect, and all of which are subject to differing interpretations
or to change, possibly with retroactive effect. Future legislation, Treasury regulations, rulings and other administrative interpretations
and practices, and/or court decisions may adversely affect the tax consequences described in this prospectus supplement. Any such change
could apply retroactively to transactions preceding the date of the change. We have not requested and do not intend to request a ruling
from the Internal Revenue Service regarding the tax consequences associated with participating in the Plan, and the statements in this
prospectus supplement are not binding on the Internal Revenue Service or any court. Thus, we can provide no assurance that the tax consequences
contained in this summary will not be challenged by the Internal Revenue Service or will be sustained by a court if challenged by the
Internal Revenue Service.

This summary does not discuss
any state, local or foreign tax consequences associated with the participation in the Plan, or the ownership, sale or other disposition
of our stock. This summary deals only with holders who hold Common Stock as a “capital asset” (generally, property held for
investment within the meaning of Section 1221 of the Code). It is for general information only and does not purport to address all
the United States federal income tax consequences that may be relevant to you in light of your particular circumstances. In addition,
it does not address the tax consequences relevant to persons who receive special treatment under the United States federal income tax
law, except where specifically noted. Persons who receive such special treatment include, without limitation:

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