S 3517
Allows corporation business tax credit for subcontracting work to NJ small businesses.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill creates a new tax credit for corporations in New Jersey that hire New Jersey small businesses as subcontractors. The credit is equal to one percent of the amount paid to the small business for work performed in New Jersey. To qualify, the small business must have fewer than 50 employees and be performing work that is part of the corporation’s overall contracted duties. This bill supplements existing tax incentive programs.
Sponsors
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Primary sponsor
Anthony Bucco
Cosponsor
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