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

This bill allows New Jersey farm operators to accelerate tax deductions for eligible business investments, matching current federal tax rules. Specifically, it enables farms to use federal Section 168 (bonus depreciation) and Section 179 (immediate expensing of capital costs) for state corporation business and gross income tax calculations. The policy directly affects farms primarily producing agricultural or horticultural commodities for sale, letting them deduct equipment and property costs faster than current state law permits. New Jersey had previously decoupled from these federal provisions, but this bill aligns state tax treatment with current federal standards.