Allows corporation business tax credit for subcontracting work to NJ small businesses.
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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 tax credit for corporations in New Jersey that hire New Jersey small businesses as subcontractors. Companies can receive a one percent credit on the amount they pay to these small businesses for work performed in New Jersey. The credit is limited to 50% of the tax liability and applies to small businesses with fewer than 50 employees.
Bill text
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Document of record
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Sponsors
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3 on record
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Cosponsors
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