Increases qualified research expenses tax credit for corporation business taxpayers engaged in targeted industries; increases basic research payment tax credit; allows research tax credit to be refundable.

This New Jersey bill increases tax credits for corporations conducting research. It raises the credit rate from 10% to 15% for businesses primarily operating in targeted industries like clean energy, life sciences, and advanced technology. It also increases the basic research payment credit rate to 15% and allows the total credit to be refundable (meaning businesses can receive cash payments even if they owe no tax). The law applies to corporations in industries identified by the New Jersey Economic Development Authority, including innovation-focused sectors such as autonomous vehicles, hemp processing, and digital media.