Provides gross income tax credits to support development of New Jersey-based small business start-ups.
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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 gross income tax credits to encourage the development of small business startups based in New Jersey. It provides tiered credits – 75%, 50%, and 25% – based on the business’s first three years of profitability. To receive these credits, businesses must meet specific criteria, including being registered in New Jersey, maintaining operations within the state, having fewer than 50 employees, and achieving a net income of no more than $100,000. The bill also establishes a pre-approval process with the state’s Division of Taxation to prevent abuse of the credit system.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Joseph Lagana
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