Permits farm income averaging credit under the New Jersey gross income tax.

This bill creates a New Jersey tax credit for farmers to smooth their tax payments by averaging farming income over four years. It allows farmers to calculate their tax using a four-year average of farming income (current year plus the previous three years, adjusting for losses or years without farming), then compares that to the tax calculated without averaging. The credit equals the difference between these two tax amounts, but cannot exceed $5,000 annually. This helps New Jersey farmers manage financial volatility from seasonal factors like weather or market fluctuations, without changing tax rates or creating new obligations.