Provides research and development tax credit under gross income tax.

This bill (A 232) creates a 10% tax credit against New Jersey's gross income tax for businesses that spend money on research and development (R&D) activities conducted within New Jersey. It directly affects companies subject to New Jersey's gross income tax that incur qualified R&D expenses or make basic research payments, including those that previously couldn't claim the federal R&D credit. The credit is calculated similarly to the federal version but only applies to R&D done in New Jersey, and it cannot be used for expenses already covered by other tax benefits. Unused credits can be carried forward for up to seven years. The goal is to incentivize in-state R&D investment to support technological and economic growth.