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 bill increases New Jersey's research tax credit for corporations. It raises the credit rate for qualified research expenses from 10% to 15% for companies primarily operating in targeted industries like clean energy, life sciences, advanced transportation, and information technology. It also increases the basic research payments credit from 10% to 15% for all corporations. Most significantly, it makes the research tax credit refundable - allowing corporations to receive cash refunds for unused credit amounts instead of only carrying them forward for future tax years. The bill applies to privilege periods beginning on or after its effective date.