Allows exclusion of certain small business income from taxation under gross income tax and corporation business tax.

This bill creates a new exclusion from New Jersey's gross income tax and corporation business tax for certain small business income. It directly affects qualifying small businesses by allowing them to exclude specific income from their taxable base under these two tax codes. The key mechanism establishes a defined exclusion for small business income while revising statutory definitions related to tax calculations, such as "net worth" and "taxpayer." The bill does not specify exact income thresholds but provides the framework for excluding qualifying small business revenue from state taxation.