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  • NJ S2477
  • Concerns certain unused portions of tax credits issued to insurance premiums taxpayers under the Business Employment Incentive Program; exempts certain purchasers of business development incentives from certain State tax notification requirements.*
Introduced
(7/29/2016)
In Committee
(10/27/2016)
Crossed Over
(11/21/2016)
Passed
(12/19/2016)
Signed
(2/6/2017)
Dead/Failed/Vetoed
2016-2017 Regular Session
This bill authorizes the payment of refunds for certain unused portions of tax credits that are issued to insurance premiums taxpayers under the Business Employment Incentive Program. Under current law, a business that has previously been approved for the award of a grant under the Business Employment Incentive Program may direct the New Jersey Economic Development Authority to convert the grant to a tax credit. The law authorizing the conversion of grants to tax credits provides for the total amount of the tax credit issued to a business to be applied against the business's corporation business tax or insurance premiums tax liability in the tax period for which the tax credit is issued. The law currently allows a business that pays the corporation business tax a refund for any unused portion of a tax credit that exceeds the business's liability for tax, but does not extend a similar benefit to a business that pays the insurance premiums tax. Under current law, a business cannot receive a refund for any portion of a tax credit issued to the business that is not taken to reduce an insurance premiums tax liability, and is not permitted to carry any unused portion of a tax credit back or forward to apply to past or future tax liabilities. This bill amends the law permitting the conversion of Business Employment Incentive Program grants to tax credits to authorize the issuance of refunds to businesses that pay the insurance premiums tax. Under the bill, the unused portion of a tax credit issued to a business that pays the insurance premiums tax will be treated as an overpayment of tax and refunded to the business if the Director of the Division of Taxation in the Department of the Treasury determine that the business has no other outstanding tax liabilities. The bill takes effect immediately upon enactment, but applies retroactively to January 11, 2016 (i.e. the date the law authorizing the conversion of grants to tax credits became effective).
2nd Reading in the Assembly, 2nd Reading in the Senate, 2nd Reading in the Senate to Concur with Assembly Amendments, Bills and Joint Resolutions Signed by the Governor, Budget and Appropriations, Commerce and Economic Development, Passed Assembly, Passed both Houses
Approved P.L.2017, c.12.  (on 2/6/2017)
 
 

Date Chamber Action Description
2/6/2017 S Approved P.L.2017, c.12.
12/19/2016 S Passed Senate (Passed Both Houses) (37-0)
12/5/2016 S Received in the Senate, 2nd Reading on Concurrence
11/21/2016 A Passed by the Assembly (71-0-0)
11/21/2016 A Substituted for A4083 (1R)
10/27/2016 A Reported out of Assembly Committee, 2nd Reading
10/27/2016 Assembly Appropriations Hearing (13:00 10/27/2016 Committee Room 11, 4th Floor)
10/6/2016 A Reported out of Asm. Comm. with Amendments, and Referred to Assembly Appropriations Committee
10/6/2016 Assembly Commerce and Economic Development Hearing (13:00 10/6/2016 Committee Room 16, Fourth Floor)
9/15/2016 A Received in the Assembly, Referred to Assembly Commerce and Economic Development Committee
9/15/2016 S Passed by the Senate (36-0)
9/8/2016 S Reported from Senate Committee with Amendments, 2nd Reading
9/8/2016 Senate Budget and Appropriations Hearing (13:00 9/8/2016 Committee Room 4, 1st Floor)
7/29/2016 S Introduced in the Senate, Referred to Senate Budget and Appropriations Committee
Date Motion Yea Nay Other
Detail 12/19/2016 Senate Floor: Amend 37 0 3
Detail 11/21/2016 Assembly Floor: Substitute For A4083 Aca (Voice Vote) 0 0 0
Detail 11/21/2016 Assembly Floor: Third Reading - Final Passage 71 0 8
Detail 10/27/2016 Assembly Appropriations Committee: Reported Favorably 11 0 0
Detail 10/6/2016 Assembly Commerce and Economic Development Committee: Reported with Amendments 12 0 0
Detail 9/15/2016 Senate Floor: Third Reading - Final Passage 36 0 4
Detail 9/8/2016 Senate Budget and Appropriations Committee: Reported with Amendments 13 0 0