Provides CBT and gross income tax credits for construction or expansion of certain meat processing facilities.
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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 tax credits for businesses investing in the construction or expansion of rural meat processing facilities in New Jersey. Specifically, it offers a credit against the Corporation Business Tax (CBT) and the state’s income tax. The credit is capped at 20% of project costs or 30% if the facility includes specific processing equipment, with a maximum of $5 million per project and $50 million total. To qualify, businesses must demonstrate funding, inclusion of key facilities, and coordination with regional agricultural innovation centers.
Bill text
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Document of record
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Sponsors
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2 on record
Primary sponsor
Douglas Steinhardt
Cosponsor
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