Permits farm income averaging credit under the New Jersey gross income tax.

This bill creates a tax credit for New Jersey farmers who operate qualifying "farming businesses" (like crop or livestock operations). It allows them to calculate their state income tax using an average of their farming income over four years (current year plus three prior years), smoothing out volatile profits and losses. The credit equals the tax difference between the standard calculation and the averaged version, with a maximum annual credit of $5,000. This directly benefits farmers facing income fluctuations due to weather, market changes, or other agricultural risks.