A 232
Provides research and development tax credit under gross income tax.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a gross income tax credit in New Jersey for research and development (R&D) expenses and payments. The credit is calculated as 10% of the excess of qualified R&D expenses over a base amount, and also includes payments to basic research organizations. It supplements existing New Jersey tax law and aims to encourage innovation and economic growth within the state. The bill also addresses how partnerships and S corporations will receive the credit.
Sponsors
Official sponsors from legislative records.
Primary sponsor
John Azzariti
Cosponsors
Michael Inganamort
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