Budget & Taxes (Procurement)

This bill prohibits New Jersey from awarding state-funded contracts (for goods, services, or public construction) or development subsidies to "inverted domestic corporations" - defined as companies deemed to have moved operations overseas to avoid U.S. taxes under federal IRS rules (Section 7874). It requires all applicants to certify they are not inverted corporations and mandates annual status verification for subsidy recipients. If a recipient becomes an inverted corporation during a subsidy term, they must repay the full subsidy amount. The ban does not apply if compliance would violate federal law or block federal funding.

This bill provides tax credits to New Jersey breweries and wineries for purchasing Jersey Fresh products used in production. Businesses can claim a credit equal to the cost of qualifying Jersey Fresh commodities (verified through Department of Agriculture documentation), up to $10,000 per tax period. To qualify, applicants must submit receipts, verification of Jersey Fresh purchases, and an affidavit confirming the products were used in production. Unused credits may be carried forward for up to 20 years. The credit applies to both corporation business tax and gross income tax liabilities.

This bill (S 2735) exempts sales of fuel cell devices and systems from New Jersey's sales and use tax. It applies to devices that generate electricity from fuel without combustion (e.g., for heating, cooling, or power) and covers related tangible property. The exemption also extends to fuels like natural gas, propane, and hydrogen used in these systems. This directly benefits businesses and consumers purchasing fuel cell technology for energy use.

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 bill creates a New Jersey tax credit for first-time homebuyers purchasing eligible homes during specific periods. It provides a credit equal to 5% of the home price (up to $15,000) for homes used as a principal residence for 36 consecutive months. The program has a total funding cap of $100 million, allocated across four terms with separate limits for new homes and previously occupied homes. The credit is applied over three tax years, and applicants must pre-qualify through the state director's office before purchase.

S 1516, the "End Hedge Fund Control of New Jersey Homes Act," would impose a 50% tax on hedge funds managing $50 million or more in pooled investor assets when purchasing single-family or small multi-family homes (1-4 units) in New Jersey. It includes exemptions for properties used as primary residences, foreclosed homes, or those built with public funding, and sets annual ownership limits that gradually decrease over five years (e.g., hedge funds could own 90% of current holdings in year one, dropping to 50% by year five). The tax applies to acquisitions after the bill’s effective date, with the Division of Taxation requiring reporting to enforce compliance. This bill directly affects large investment entities managing residential property portfolios, not individual homeowners or small landlords.