Budget & Taxes (Tax Credits · Agriculture)

This New Jersey bill (S 1612) provides a 10% tax credit against corporation business tax and gross income tax for farmers who purchase qualified farming equipment. It directly affects New Jersey farmers engaged in eligible operations - such as growing crops, raising livestock, or aquaculture - by allowing them to reduce their tax liability by up to 10% of equipment costs. To claim the credit, farmers must obtain certification from the New Jersey Department of Agriculture confirming their operation qualifies and equipment was acquired, with strict deadlines for processing. The credit cannot exceed 25% of a farmer’s tax liability for the year and may be carried forward if unused.