Allows corporation business tax credit for subcontracting work to NJ small businesses.

S 799 creates a 1% tax credit for New Jersey corporations that pay small businesses (with fewer than 50 employees) in New Jersey for subcontracted work performed within the state. The credit applies when corporations subcontract work they would have performed themselves, such as portions of their own contracted duties. Corporations can apply this credit against their corporation business tax, but it cannot exceed 50% of the tax owed. This bill directly affects corporations that contract with New Jersey-based small businesses for services performed locally.