S 2945 creates a New Jersey tax credit for low-to-moderate income residents to offset medical insurance costs. It allows individuals with gross income under $65,000 (single or married filing separately) or $130,000 (married filing jointly or head of household) to claim a credit equal to the difference between their medical insurance costs (premiums plus deductibles) and 8.5% of their income. The credit cannot be claimed for expenses already deducted under existing tax rules. The bill requires the Division of Taxation to coordinate with the Health Department to advertise the credit's availability. It takes effect for taxable years beginning after its enactment date.
This bill provides New Jersey employers with a temporary tax credit of 50% (up to $50,000 per year) against corporation business and gross income taxes for costs spent building, renovating, or improving real property used to operate on-site child care centers. The credit directly affects businesses that construct or maintain facilities primarily serving the children of their own employees. To qualify, employers must commit to operating the child care center for 60 consecutive months and enter a binding agreement with the state director to verify expenses and maintain compliance. The credit is available for three calendar years following the bill's effective date and requires documentation to prevent misuse.
This bill creates a 35% tax credit against New Jersey corporation business and gross income tax for production companies staging pre-Broadway or post-Broadway theater shows at qualifying venues (350+ seats). The credit covers eligible production costs like sets, costumes, payroll, and advertising, up to a $10 million annual cap. Companies must apply to the New Jersey Economic Development Authority with details about their production, venue, and expenses, and the credit cannot reduce taxes below the state’s minimum. It directly affects theater production companies seeking to offset costs for shows targeting or following Broadway runs.
This bill creates a $1,500 nonrefundable state income tax credit for New Jersey residents who meet specific criteria. To qualify, a taxpayer must have graduated from both a New Jersey high school and a New Jersey institution of higher education (public or private nonprofit) with a 3.5+ GPA, then work full-time (25+ hours/week) for a New Jersey-based employer within two years of graduation. The credit applies for the first five consecutive tax years of eligible employment, but cannot reduce tax liability below zero. It directly targets recent NJ college graduates seeking to remain in-state for employment, aiming to incentivize retention in the state's workforce.
S 659 provides a 35% tax credit for New Jersey taxpayers who install solar energy systems on their property, directly affecting residential homeowners, apartment building owners, and businesses. The credit covers 35% of qualified solar equipment costs (purchase, installation, or long-term leases), with annual limits of $5,000 for single-family homes, $350 per apartment unit, and $500,000 for commercial or industrial properties. Taxpayers must apply for certification from the Environmental Protection Commissioner, and unused credits can be carried forward for up to seven years. The total annual tax credit funding is capped at $25 million across all eligible properties.
S 238 expands New Jersey's tax credit for child and dependent care expenses, directly benefiting residents with childcare costs who qualify for the federal credit. It raises the income limit from $60,000 to $150,000 for eligibility and increases the maximum credit amount to $1,000 for one child (up from $500) and $2,000 for multiple children (up from $1,000). The bill also adjusts income brackets, extending the 50% credit rate to taxpayers earning under $50,000 (previously $20,000) and expanding all other brackets. These changes apply to New Jersey gross income tax returns for taxable years beginning after enactment.
This New Jersey bill (S 476) creates a tax credit for businesses with headquarters in the state that hire workers who lost jobs due to automation. It provides a credit equal to 10% of the salary paid to each qualifying employee (capped at $2,500 per employee per year), provided the business employs them for at least seven months. To qualify, the employee must have previously been laid off because their job was replaced by automation - defined as systems that perform tasks without continuous human input. The credit applies to both corporation business tax and gross income tax, directly benefiting affected workers and incentivizing NJ-based employers to hire them.
S 927, the "Grown Here, Eaten Here Act," would provide New Jersey businesses with a tax credit if enacted. Qualifying food establishments - including restaurants, food manufacturers, and certain breweries - could claim a 10% credit against their state business or income taxes for costs paid to purchase locally grown fruits, vegetables, or other ingredients produced within New Jersey. The credit is limited to 50% of the taxpayer’s total tax liability for the year and can be carried forward for up to 20 years if unused. The bill requires the state tax and agriculture departments to create rules for administering the program.
This New Jersey bill (S 1360) creates tax credits for residents and employers who pay student loans used for higher education expenses. Qualified taxpayers (New Jersey residents with associate’s, bachelor’s, or graduate degrees in STEM fields who worked in the state) can claim a credit against their state income tax equal to a portion of their student loan payments, based on a federal benchmark. Employers can also claim a credit for paying employees’ eligible student loans (100% for full-time, 50% for part-time), with unused credits carried forward up to seven years. The bill specifically targets STEM graduates and aims to reduce student debt burden through state tax incentives.
This bill creates a 10% tax credit against New Jersey business income taxes for developers who build or rehabilitate rental housing exclusively reserved for veterans. The credit covers 10% of "approved costs" (including land, construction, materials, and labor) for qualifying projects, with a maximum annual credit of $5 million statewide. Developers must reserve all units for veterans for at least 15 years and apply for state approval through the Department of Community Affairs. The policy directly affects developers of new or rehabilitated rental properties meeting specific veteran-occupancy requirements.
