This bill creates a tax credit for New Jersey businesses that develop and construct anaerobic digestion facilities processing food waste. Taxpayers can claim a credit equal to 50% of facility development costs, capped at $250,000 per facility, for six years. The total tax credits awarded statewide cannot exceed $15 million, and the credit applies against the corporation business tax. The bill defines "food waste" to include processing residues and used cooking oils but excludes donated food or consumer waste.
This bill establishes a nonrefundable tax credit for disabled veterans in New Jersey who rent residential property. It allows qualifying disabled veterans to claim a credit of up to $1,000 annually for the portion of their rent that covers property taxes (calculated as 18% of rent paid). Married veterans filing separately each receive half the credit, and veterans sharing housing with non-spouses can only claim credit for their own rent payments. The credit applies in addition to existing rent tax credits for seniors or other disabled renters.
This New Jersey bill creates a state tax credit of up to $2,500 annually for residents who provide care to a qualifying relative (a relative aged 65 or older, or 50 or older with a disability meeting income limits) or to any individual with a disability. The credit covers expenses like medical equipment, home modifications, in-home care services, and transportation for medical care. Caregivers must submit documentation including receipts, proof of payment, and verification of care to claim the credit. Any unused credit amount that reduces tax liability to zero is refunded as an overpayment.
This bill provides a $250 annual state income tax credit to homeowners within 1,000 feet of Barnegat Bay who replace grass lawns with stone, crushed shells, or similar non-maintenance landscaping. It directly affects property owners in that zone, including those who already made the switch before the bill's effective date. The credit aims to reduce chemical runoff (like fertilizers and pesticides) from lawns into the bay by incentivizing low-maintenance alternatives. The policy change is a direct tax incentive, not a regulatory mandate, for eligible homeowners to adopt environmentally friendly landscaping.
This bill increases New Jersey's insurance premium tax credit for domestic insurance companies from 15% to 90% of retaliatory tax liability paid to other states. It directly affects insurance companies licensed in New Jersey that operate in multiple states, allowing them to reduce their New Jersey tax bill by a larger portion of taxes paid to other states. The key provision amends existing law to replace the current 15% credit (with annual 1% increases up to 15%) with a flat 90% credit for all filings due on or after March 1, 2024. This change aims to make New Jersey more competitive with states offering higher credits for retaliatory taxes.
This New Jersey bill (A 1793) creates a "Recovery Tax Credit Program" that provides tax incentives to employers who hire and retain individuals recovering from substance use disorders. Employers must become "certified" by meeting requirements like partnering with recovery providers and offering qualifying health insurance. Certified employers can claim tax credits up to $2,000 per eligible employee (based on hours worked, minimum 500 hours), with a total annual budget cap of $2 million. The program directly affects employers in New Jersey and individuals in recovery who meet the defined eligibility criteria.
This bill (A 3906) requires New Jersey state agencies to apply a price discount (up to 5%) to bids for asphalt or concrete when using pervious pavement materials on public construction projects. It directs the Department of Environmental Protection to create a stormwater management hierarchy ranking materials by their ability to reduce runoff and filter contaminants. Taxpayers purchasing pervious pavement for municipal, county, or state projects can claim a credit against certain taxes. The bill directly affects state agencies, contractors working on public projects, and businesses selling these materials, aiming to promote environmentally beneficial paving through procurement incentives and tax relief.
This bill allows New Jersey corporations to claim a 1% tax credit against their corporation business tax for payments made to NJ small businesses that perform subcontracted work within the state. It directly affects corporations doing business in New Jersey that subcontract work they were contracted to perform. To qualify, the subcontractor must be a New Jersey business with fewer than 50 employees and not affiliated with the paying corporation, and the work must be performed in New Jersey. The credit is limited to 50% of the tax liability and cannot reduce taxes below the statutory minimum.
This bill would create a refundable tax credit for New Jersey residents who make extra principal payments on their primary home mortgage beyond the required minimums. The credit equals 50% of the excess payments (up to $1,000 annually) for mortgages on a primary residence that qualify as "traditional" (15-30 year loans with level payments). It applies only to single filers with income between $125,000-$135,000 or joint filers with income between $250,000-$270,000, with the credit amount reduced based on income in these ranges. The credit cannot be claimed for more than 10 consecutive tax years.
This bill provides New Jersey taxpayers with a refundable tax credit of up to $500 per year for costs paid to high-impact tutors. It directly affects individual taxpayers who use tutoring services proven to significantly improve student learning through research, as defined in the bill. The credit applies to the tax year the tutoring is received, and if it reduces a taxpayer’s total tax liability to zero, the remaining credit amount is paid as a cash refund. The credit is limited to one claim per married couple filing separately.
