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Bill > A4634

NJ A4634

NJ A4634
Allows corporation business tax credit for subcontracting work to NJ small businesses.

summary

Introduced
09/14/2020
In Committee
03/08/2021
Crossed Over
Passed
Dead
01/11/2022

Introduced Session

2020-2021 Regular Session

Bill Summary

This bill allows taxpayers subject to the corporation business tax to claim a credit against that tax equal to one percent of the amount the taxpayer paid to New Jersey small businesses for subcontracted work. For purposes of the credit, subcontracted work is that work which the taxpayer subcontracts to New Jersey small businesses for performance of all or an element of the taxpayer's own contracted duties. In addition, the subcontracted work must be performed in New Jersey and the subcontractor must have less than 50 employees..

AI Summary

This bill allows taxpayers subject to the corporation business tax to claim a credit against that tax equal to one percent of the amount the taxpayer paid to New Jersey small businesses for subcontracted work. The subcontracted work must be performed in New Jersey, and the subcontractor must have fewer than 50 employees. The credit can be combined with other credits but cannot exceed 50% of the taxpayer's tax liability or reduce the tax liability to less than the statutory minimum.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (14)

Last Action

Assembly Commerce and Economic Development Hearing (13:30 3/8/2021 Registration Form) (on 03/08/2021)
(1 Companion Bills)

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