Budget & Taxes (Small Business)

This bill provides tax credits to New Jersey-based small businesses during their first three years of operation. To qualify, a business must be registered in New Jersey, operate primarily within the state, have no more than 50 employees, and earn under $100,000 in net income during its first profitable year. The credit covers 75% of the business’s gross income tax in year one, 50% in year two, and 25% in year three. Businesses must obtain prior written authorization from the state tax director to claim the credit, proving the business isn’t related to other existing operations created solely for the credit benefit.