This bill creates a tax credit for businesses developing anaerobic digestion facilities that process food waste in New Jersey. It allows eligible taxpayers to claim a credit equal to up to 50% of facility development costs or $250,000 per facility, whichever is lower, against their corporation business tax. The credit is available for six years, with a total cap of $15 million in combined credits statewide. The policy directly affects businesses constructing these facilities, aiming to incentivize investment in infrastructure that converts food waste into biogas while excluding donated food and consumer waste from eligibility.
This bill provides temporary tax credits to New Jersey businesses that bring operations back to the state from outside the U.S. or from other U.S. states. Businesses qualify for a 35% credit on expenses for moving operations from outside the U.S. and a 25% credit for moving from within the U.S. but outside New Jersey, provided they maintain higher full-time employee counts in New Jersey than before the move. Credits expire for tax periods ending before 2025 and can be carried forward but are recaptured if employee numbers decrease in subsequent years. The credits apply to both corporate business taxes and individual gross income taxes, limited to 50% of tax liability, and require a written relocation plan.
This bill provides tax credits to commercial property owners who demolish abandoned buildings (over 100,000 sq ft) and replace them with new commercial structures on the same site. It offers a credit equal to 25% of redevelopment costs, capped at $500,000 per project, with a total state-wide limit of $5 million across all projects. To qualify, owners must apply to the Division of Taxation for certification showing demolition and construction occurred, and the credit can be carried forward if not fully used in one tax year. The credit applies against both the state's privilege tax and gross income tax, aiming to incentivize revitalizing vacant commercial properties.
This bill provides tax credits to New Jersey-based small businesses during their first three years of operation. To qualify, a business must be registered in New Jersey, operate primarily within the state, have no more than 50 employees, and earn under $100,000 in net income during its first profitable year. The credit covers 75% of the business’s gross income tax in year one, 50% in year two, and 25% in year three. Businesses must obtain prior written authorization from the state tax director to claim the credit, proving the business isn’t related to other existing operations created solely for the credit benefit.
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.
