Provides temporary corporation business tax and gross income tax credits for insourcing business to New Jersey.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill creates temporary tax credits for corporations operating in New Jersey to encourage them to ‘insource’ business operations. Specifically, it offers credits against the corporation business tax and gross income tax for relocating business units from outside the United States or from outside New Jersey to within the state. These credits are tied to the number of full-time employees hired in New Jersey as part of the relocation effort, and are subject to recapture if employment levels decrease.
Bill text
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Document of record
- Version
- Introduced
- Published
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Sponsors
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2 on record
Primary sponsors
Michael Testa
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