"Made in New Jersey Tax Credit Act"; provides CBT tax credits to taxpayers that purchase "New Jersey made" products.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
The ‘Made in New Jersey Tax Credit Act’ creates a tax credit for businesses that purchase products made in New Jersey. Businesses can receive a 25% credit based on the ratio of New Jersey-made product costs to total product costs, with certain exclusions. Unused credits can be carried forward for up to seven years. The act aims to encourage the use of locally produced goods within the state.
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