This bill creates a tax credit for developers building or renovating affordable housing in New Jersey. It directly affects project sponsors (developers) who construct or substantially renovate qualifying homes sold at affordable prices to eligible homeowners earning 140% or less of the state's median household income. The credit equals the difference between reasonable development costs and the affordable sale price, capped at 35% of development costs or 80% of the state's median new home price. To qualify, projects must be in designated census tracts and certified by the New Jersey Housing Agency, with homes sold as primary residences.
This bill creates a tax credit for disabled veterans who rent their primary residence (homestead), allowing them to claim a credit of up to $1,000 annually for the portion of their rent that covers property taxes. The credit applies to rent paid for residential rental units where the disabled veteran occupies the home as their primary residence, based on 18% of rent being considered equivalent to property taxes. Married disabled veterans filing separately can each claim half the credit, while those sharing the home with others (not their spouse) can only claim the credit for the rent they personally paid. The credit is nonrefundable, cannot reduce taxes below zero, and works alongside an existing $50 credit for older or disabled renters. The bill is pending in the Senate Veterans' Affairs Committee as of its introduction date.
This bill, S 1656, provides New Jersey employers with a tax credit for hiring individuals with disabilities. Employers can claim a 15% credit on wages paid to qualifying employees (meeting ADA standards, working ≥35 hours/week at ≥$15/hour), capped at $2,000 per employee annually for both corporation business tax and gross income tax. To qualify, employers must apply for certification through the Division of Vocational Rehabilitation Services, which must approve applications within 90 days or the application is deemed approved. The credit directly affects New Jersey businesses that hire eligible workers with disabilities, reducing their state tax liability while promoting inclusive employment.
This bill allows New Jersey farmers with a farming business to calculate their state income tax using averaged farming income over a four-year period (current year plus three prior base years). The tax credit equals the difference between their normal tax bill and the bill calculated with averaged income, capped at $5,000 annually. It directly affects farmers whose income fluctuates due to weather, market conditions, or production cycles. The policy aims to smooth tax payments across profitable and less profitable years, providing more predictable tax obligations.
This non-binding Senate Resolution (SR 20) urges New Jersey's Governor to adopt the federal tax credit scholarship program created by the "One Big Beautiful Bill Act" (Pub.L.119-21). If adopted, the program would allow New Jersey taxpayers to claim a federal tax credit of up to $1,700 annually for donations to state-recognized scholarship organizations, which would then provide scholarships covering elementary/secondary education costs like tuition, books, and transportation. The resolution directly affects New Jersey families seeking educational options, as state participation would determine whether residents can access these tax benefits and scholarship funds starting January 2027. States have sole discretion to opt into the program, and this resolution formally requests the Governor take necessary steps to join it.
This bill creates a tax credit for corporations selling retail products made entirely in New Jersey. Corporations can claim a $3.31 credit for every $100 in sales of qualifying "New Jersey made products," defined as goods where all significant parts, processing, and labor originate in New Jersey (with no more than negligible outside content). The credit reduces liability under New Jersey's corporation business tax, not sales tax. It directly affects businesses selling such products, offering a financial incentive to prioritize in-state manufacturing.
This bill establishes a New Jersey tax credit program to encourage businesses to hire and retain employees with developmental disabilities. Employers qualify for a credit of $1 per hour worked (up to $2,000 per employee annually), provided the employee works at least 500 hours in the state and the employer meets eligibility requirements like offering qualifying health insurance. The program is funded with a $2 million annual cap, administered by the Division of Developmental Disabilities, and requires employers to apply yearly by January 15. It directly affects New Jersey employers and individuals with developmental disabilities meeting the defined criteria (including autism, cerebral palsy, or intellectual disabilities).
This bill increases the annual cap on tax credits available for neighborhood revitalization projects in New Jersey from $15 million to $65 million. It directly affects businesses that fund qualified neighborhood preservation projects, allowing them to claim larger tax credits against certain business taxes. The key change is raising the total credit limit per fiscal year and adding a carryover provision: if credits aren't fully used in one year, the unused amount rolls over to the next year. This expands funding flexibility for projects under the Neighborhood Revitalization Tax Credit Program, which supports community development through private investment.
S 1440 creates a refundable gross income tax credit for New Jersey taxpayers who pay qualified union dues to labor organizations. The credit equals the full amount of union dues paid during the tax year, applied after other credits, and can result in a cash refund if it reduces tax liability to zero. It defines "qualified union dues" as dues, fees, or assessments paid to labor organizations (which include groups negotiating wages, hours, or working conditions) and requires taxpayers to verify payments to the Division of Taxation. This policy directly affects New Jersey residents who are union members or public employees represented by qualifying labor organizations.
This bill creates a 50% tax credit for New Jersey employers subject to Corporate Business Tax (CBT) or General Income Tax (GIT) who pay for certain child care expenses related to their employees' children. It covers costs for building/maintaining on-site child care centers, contracting external providers, or subsidizing employees' child care payments, with a $100,000 annual limit per employer. Employers must apply for the credit through the state, submit documentation, and agree to use the funds for eligible child care services. The total credit pool across all employers is capped at $10 million yearly. The bill does not change existing tax rates but reduces tax liability for qualifying employers.
