Provides research and development tax credit under 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 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.
Bill text
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Document of record
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Sponsors
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7 on record
Primary sponsor
Cosponsors
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