Budget & Taxes

New Jersey's Bill A 3496 requires state agencies to make a good faith effort to increase contracts (procured without advertisement) awarded to certified minority-owned and women-owned businesses by 30 percent within five years. This applies to agencies using delegated purchasing authority for contracts under specific dollar thresholds (e.g., $150,000-$250,000). The State Treasurer must develop guidelines for agencies and submit six-month progress reports to the Governor and Legislature, while agencies must report their actions to the Treasurer every 30 days. The bill directly affects state agencies managing procurement and certified minority/women-owned businesses seeking government contracts.

This bill eliminates the 3-year time limit for New Jersey tax authorities to reassess income tax when a taxpayer received an erroneous refund due to intentional fraud. It directly affects taxpayers who intentionally filed false returns to obtain extra money back from the state. The key change removes the previous 3-year deadline, allowing tax assessments at any time for cases where fraud caused the refund. This applies only to deliberate fraud, excluding accidental errors, negligence, or reliance on incorrect advice. The law retroactively covers cases from the five years before the bill's enactment.

This bill creates tax incentives for historic diners and restaurants in New Jersey that meet specific criteria. To qualify, establishments must have operated continuously for at least 25 years (including pandemic closures), qualify as small businesses, comply with health/safety rules, and be family-owned. Approved businesses receive a sales tax exemption on prepared food and beverages for on-site consumption and corporation business/gross income tax credits. The program requires annual registration through a state registry established by the Division of Travel and Tourism, with applications reviewed and approved by the Director.