Allows farm operators to accelerate depreciation of certain expenditures under corporation business and gross income taxes.

S 2676 allows New Jersey farm operators to accelerate tax deductions for business expenses under state corporation business and gross income taxes. It matches two current federal tax provisions: enabling immediate deductions for certain equipment (Section 179) and accelerated depreciation for qualifying assets (Section 168). The bill directly affects farming businesses that produce agricultural or horticultural commodities for sale, as defined by the law. This change aligns New Jersey's tax code with recent federal updates, allowing farms to deduct eligible costs faster than previously permitted under state law.