This bill provides a tax credit for New Jersey residents who buy qualifying low-speed electric bicycles for personal use. Taxpayers can claim a credit equal to 30% of their purchase cost, up to $1,500 annually, for bikes costing $8,000 or less. The credit applies only to bikes that meet specific technical standards (e.g., max 20 mph, pedal-assist or throttle-only operation) and cannot be used for business purposes. The credit cannot reduce a taxpayer’s total tax liability below zero. It applies to taxable years beginning after the bill’s enactment date.
This bill creates a temporary tax credit for New Jersey employers who build or improve facilities to provide child care for their employees' children. Employers can claim a 50% credit (up to $50,000) against corporation business tax or gross income tax for eligible property expenses, effective for three years after the bill's enactment. To qualify, employers must commit to using the property as a child care center for employees' children for 60 consecutive months and submit documentation to the state tax authority. If the property stops serving this purpose (except in cases of casualty or transfer), employers must repay the credit plus interest. The credit directly affects businesses establishing on-site or contracted child care centers for their workforce.
This bill provides tax credits to New Jersey businesses that install electric vehicle (EV) charging stations for use in their operations. Businesses can claim a credit equal to 25% (up to $500), 15% (up to $300), or 8% (up to $150) of the cost for stations installed in 2014, 2015, or 2016, respectively. To qualify, businesses must obtain certification from the Environmental Protection Commissioner confirming the station meets technical standards for level 2 or level 3 charging. The credit applies against corporation business tax or gross income tax and requires proof of installation and station specifications.
This bill (A 232) creates a 10% tax credit against New Jersey's gross income tax for businesses that spend money on research and development (R&D) activities conducted within New Jersey. It directly affects companies subject to New Jersey's gross income tax that incur qualified R&D expenses or make basic research payments, including those that previously couldn't claim the federal R&D credit. The credit is calculated similarly to the federal version but only applies to R&D done in New Jersey, and it cannot be used for expenses already covered by other tax benefits. Unused credits can be carried forward for up to seven years. The goal is to incentivize in-state R&D investment to support technological and economic growth.
This bill increases tax credits for investors in New Jersey's emerging technology businesses. It raises the base credit rate from 20% to 30% of eligible investments, and boosts the enhanced rate from 25% to 35% for investments in qualified opportunity zones, low-income communities, or businesses certified as minority/women-owned. The credit is capped at $500,000 per investment annually, with a total annual limit of $35 million across all credits. The New Jersey Economic Development Authority will administer the program, requiring applicants to demonstrate compliance with diversity or location criteria for the higher credit rate.
This bill creates a New Jersey tax credit for farmers to smooth their tax payments by averaging farming income over four years. It allows farmers to calculate their tax using a four-year average of farming income (current year plus the previous three years, adjusting for losses or years without farming), then compares that to the tax calculated without averaging. The credit equals the difference between these two tax amounts, but cannot exceed $5,000 annually. This helps New Jersey farmers manage financial volatility from seasonal factors like weather or market fluctuations, without changing tax rates or creating new obligations.
This bill establishes New Jersey's Child Tax Credit program, providing refundable tax credits to low-income residents with children. It directly benefits households with taxable income up to 250% of the federal poverty level, offering $582 per younger child (under age 6) and $187 per older child (ages 6-24) for families at or below 100% poverty level, with credits phasing out gradually as income rises. Key provisions include allowing claims using either Social Security numbers or Individual Taxpayer Identification Numbers (ITINs), ensuring credits don't reduce eligibility for state benefits, and requiring annual reporting on credit usage. The bill is currently pending in the Assembly committee and has not yet become law.
S 3558, the "Made in New Jersey Tax Credit Act," provides businesses a tax credit equal to 25% of the cost of purchasing "New Jersey made" products used in their retail sales or manufacturing. It directly affects New Jersey corporations paying the corporation business tax (CBT) that buy qualifying products for their operations. To qualify, businesses must demonstrate that most of their product purchases could have been substituted with New Jersey-made alternatives, excluding costs for products that couldn’t be replaced. The credit can be carried forward for up to seven years if not fully used in the current tax year. A "New Jersey made" product is defined as one with all or virtually all significant parts, processing, and labor originating in New Jersey, containing negligible out-of-state content.
This bill creates a New Jersey gross income tax credit for active members of volunteer fire departments, first aid squads, and rescue organizations who use personal vehicles for emergency duties. Eligible members receive a credit based on miles driven for emergency response, calculated using the IRS standard mileage rate (capped at $500 per individual or $1,000 for married couples filing jointly). To qualify, members must maintain active status, complete required service hours (400+ hours or attendance thresholds), and provide documentation through their organization. The credit directly reimburses volunteers for vehicle-related costs incurred while serving their communities.
This bill allows homeowners in New Jersey to claim a 25% tax credit against their state income tax for costs of rehabilitating qualified historic properties. It directly affects homeowners who own and occupy as their primary residence a property listed on the National Register of Historic Places, the New Jersey Register of Historic Places, or a locally designated historic district. To qualify, rehabilitation costs must equal at least 50% of the property's equalized assessed value, with no more than 60% of costs covering interior work, and the total credit for a property is capped at $25,000 over ten years. The credit reduces the homeowner's tax liability for the year the credit is certified, with excess amounts refunded as overpayments.
