Allows exclusion of certain small business income from taxation under gross income tax and corporation business tax.

This bill would exclude up to $50,000 of gross income from taxation for qualified small businesses under New Jersey's gross income tax and corporation business tax. To qualify, businesses must be independently owned with management owning at least 51% ownership interest, have principal operations located in New Jersey, be registered to do business in the state, earn gross revenues under $2 million annually, and employ no more than 20 full-time or part-time employees (with most being New Jersey residents). The exclusion applies to taxable years beginning after December 31, 2024. This provision would reduce the tax burden for eligible small businesses meeting these specific criteria. The bill provides targeted tax relief to small businesses operating within New Jersey.