Permits farm income averaging credit under the New Jersey gross income tax.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill allows New Jersey farmers to claim a tax credit against their income tax liability. The credit is based on averaging a farmer’s income over a four-year period, considering both profits and losses from their farming business. The credit amount is the difference between the farmer’s tax liability with farming income and the liability with the averaged farm income, up to a maximum of $5,000 per year. This aims to provide financial relief to farmers facing fluctuating income levels.
Bill text
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Sponsors
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