Provides research and development tax credit under gross income tax.

This bill creates a 10% tax credit for New Jersey businesses that pay gross income tax, allowing them to reduce their tax bill by 10% of qualified research and development (R&D) expenses exceeding a base amount. It specifically covers R&D spending conducted within New Jersey and includes payments to energy research consortia for energy-related research. The credit applies to businesses subject to the state's gross income tax, including those that qualify as small businesses under federal rules. The goal is to incentivize in-state R&D investment, aiming to spur technological innovation and economic growth in New Jersey.