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Bill > S1951
NJ S1951
NJ S1951Provides gross income tax exemption for the income of certain qualified new resident business owners.
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
2010-2011 Regular Session
Bill Summary
This bill establishes a pilot program designed to attract new businesses to the State through the provision of gross income tax exemptions for individuals who bring new businesses and relocate their personal residences to certain municipalities in the State, and who make certain contributions to charitable organizations and educational institutions serving the people of the State. This bill provides up to a six year gross income tax exemption for all of the income of each of the qualified owners of a business who (1) relocates the business headquarters and business location and relocates the owners personal residence to one of the target municipalities of Newark, Trenton, or Camden; (2) creates 5 new positions in the target municipality for each of the business owners who jointly own 51 percent of the equity in the qualified business, individually each own 5 percent of the equity in the qualified business, and each of whom has been certified by the qualified business as of the close of the initial applicable tax year and fills those positions with new employees; and (3) makes a charitable contribution of $500,000 or more to a qualified charitable institution or qualified educational institution.
AI Summary
This bill establishes a pilot program to attract new businesses and their owners to specific New Jersey municipalities – Newark, Trenton, and Camden – by offering a gross income tax exemption for up to six years on all income earned by qualified new resident business owners. To qualify, business owners must relocate their business headquarters and principal place of business to one of these eligible municipalities, create five new full-time positions in that municipality for each owner who jointly owns at least 51% of the business's equity and individually owns at least 5%, and make a charitable contribution of $500,000 or more to a qualified charitable or educational institution located in New Jersey. The bill defines terms like "qualified business owner," "eligible municipality," and "new employee" to clarify the program's requirements and aims to stimulate economic development in areas that need it most, while also supporting vital charitable and educational services.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee (on 05/20/2010)
bill text
bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| Bill | https://www.njleg.state.nj.us/2010/Bills/S2000/1951_I1.HTM | 05/28/2012 |
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