"New Jersey Loves New Jersey Farmers Act"; provides corporation business tax credits and gross income tax credits to commercial farm operators for price loss.

The "New Jersey Loves New Jersey Farmers Act" provides tax credits to commercial farm operators who experience price loss on New Jersey-grown farm products. The tax credits equal the difference between actual receipts farmers received for their products and "baseline receipts" calculated using monthly reference prices set by the Secretary of Agriculture. To qualify, farmers must obtain certification of their price loss from the Secretary of Agriculture based on business records showing actual sales versus the calculated baseline. The credits can be applied against corporation business tax or gross income tax, and farmers may also transfer unused credits to other taxpayers for use over several tax periods.