Allows farm operators to accelerate depreciation of certain expenditures under corporation business and gross income taxes.

This bill allows New Jersey farm operators to immediately deduct certain capital expenses and use accelerated depreciation for tax purposes, aligning state tax rules with current federal provisions. It specifically permits farmers to deduct up to $1 million of eligible equipment costs in a single year (under federal Section 179) and apply 100% bonus depreciation (under federal Section 168) for qualifying assets. The policy directly affects farming enterprises - defined as businesses primarily producing agricultural or horticultural commodities for sale - when calculating state corporation business and gross income taxes. This change updates New Jersey’s tax code to match federal depreciation rules, which the state had previously decoupled from since 2001/2002.