S 3560
Increases qualified research expenses tax credit for corporation business taxpayers engaged in targeted industries; increases basic research payment tax credit; allows research tax credit to be refundable.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill increases the qualified research expenses tax credit for New Jersey corporations, particularly those in targeted industries like advanced transportation and clean energy. It also boosts the basic research payment tax credit. Importantly, the bill allows this research tax credit to be refundable, meaning taxpayers could receive a cash refund for unused credits instead of just carrying them forward.
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