This bill provides tax credits to small business employers (under 25 employees and $1 million annual revenue) and farm employers in New Jersey for increased costs of mandatory insurance. Specifically, it credits businesses for the difference between their current-year expenses on workers' compensation, temporary disability, and unemployment insurance versus what they paid in the prior year. The credit is capped at $12,000 annually per business and applies to both corporation business tax and gross income tax filings. The program runs from 2020 through 2029, helping qualifying small employers offset rising insurance costs.
This bill creates a tax credit for New Jersey businesses that hire workers displaced by automation. Businesses with headquarters in New Jersey can claim a credit equal to 10% of the wages paid to each qualifying employee (capped at $2,500 per employee per tax year), provided the employee was previously laid off due to automation and is retained for at least seven months. The credit applies to both corporation business tax and gross income tax, and the bill defines "automation" as systems replacing human labor without continuous human input. It directly affects New Jersey employers and workers who lost jobs to automation, particularly in counties like Ocean County where many high-risk jobs exist.
This bill provides tax credits to New Jersey businesses that hire released nonviolent offenders. Specifically, businesses can claim a 15% credit (up to $900 per employee) on wages paid to these individuals for both corporation business tax and gross income tax. To qualify, the offender must have committed a nonviolent crime (excluding certain offenses involving force), served time or alternative sentencing, and been released into community supervision. Unused credits can be carried forward for up to seven years, but total credits cannot exceed 50% of a business's tax liability. The bill directly affects employers in New Jersey who hire eligible individuals, aiming to incentivize their reemployment.
This bill allows New Jersey S corporations to elect to pass certain business tax credits directly to their shareholders. Instead of using these credits to reduce the corporation's own tax bill, the credits are transferred to shareholders to apply against their personal income tax liabilities. The credits include incentives like research, job creation, and urban development programs. Shareholders can use these transferred credits to lower their individual tax payments, but the amount applied is limited to 50% of their tax liability related to the S corporation's income.
This bill provides a 50% sales tax exemption for small retail businesses operating in municipalities affected by ongoing public highway projects. It applies to businesses with a fixed location offering goods or services (like retail stores or charter boat services) during the "relief period" - the time between when a highway project starts and ends. Businesses must apply to the Tax Division Director for approval, verifying their location within an impacted area. The exemption automatically ends 30 days after the Transportation Commissioner notifies the Tax Division that the highway project is complete.
This New Jersey bill (A 3620) provides tax credits to farm employers who offer lodging or transportation benefits to their employees. Farm employers can claim up to $250 per employee for qualifying lodging (must be on-site, required for employment, and provided for at least six weeks) and up to $500 per employee for transportation benefits (reimbursing actual costs like transit or fuel). The credits apply to both corporation business tax and gross income tax, but cannot exceed 50% of the employer’s tax liability. It directly affects New Jersey farm businesses that provide these specific employee benefits.
This bill creates a tax credit for New Jersey employers who pay up to $5,000 annually toward the student loans of qualifying STEM graduates. It directly affects employers in the state who hire full-time employees with STEM degrees from New Jersey public colleges, who live and work in New Jersey, and have outstanding, non-defaulted student loans. Employers can claim this credit against corporation business tax or gross income tax, with eligibility certified by the Higher Education Student Assistance Authority. The credit applies to loans paid on or after the date the bill takes effect (January 1 following enactment).
This bill creates a tax incentive program for small New Jersey manufacturers (employing ≤50 people) to invest in equipment and workforce training. It allows businesses to deduct up to $100,000 annually from their income tax for contributions to a special "manufacturing reinvestment account" held at a New Jersey financial institution. Funds in the account can be used for qualifying expenses like machinery/equipment purchases or New Jersey-based worker training, with unused funds earning tax-advantaged treatment until distributed. The program applies for five consecutive tax years, after which remaining balances are taxed normally.
This bill provides tax credits to New Jersey commercial farm operators who experience price losses on their products. It allows eligible farms to claim credits against corporation business tax or gross income tax based on a certification of price loss from the State Agriculture Secretary. Credits are limited to 50% of tax liability and can be carried forward for up to seven years if unused. The bill also permits taxpayers to transfer unused credits to other businesses, subject to specific rules.
This bill eliminates the requirement for remote sellers and out-of-state corporations to meet a 200-transaction threshold to be subject to New Jersey's sales/use tax and corporation business tax. Instead, it retains only the $100,000 revenue threshold for both tax types. Remote sellers must now collect and remit sales tax if their taxable revenue delivered into New Jersey exceeds $100,000 in a calendar year. Similarly, corporations must pay corporation business tax if their receipts from New Jersey sources exceed $100,000 in a fiscal year. The change simplifies tax obligations for businesses operating remotely in New Jersey.
