"New Jersey Loves New Jersey Farmers Act"; provides corporation business tax credits and gross income tax credits to commercial farm operators for price loss.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
The "New Jersey Loves New Jersey Farmers Act" provides corporation business tax credits and gross income tax credits to commercial farm operators to offset price losses in their crops. These credits are based on a certification from the Secretary of Agriculture, requiring farmers to demonstrate a difference between their baseline and actual receipts. The bill also allows for tax credit transfers, enabling farmers to sell unused credits to others, with certain limitations on carryforward and application.
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