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Bill > S684
NJ S684
NJ S684Allows corporation business tax credit for subcontracting work to NJ small businesses.
summary
Introduced
01/11/2022
01/11/2022
In Committee
01/11/2022
01/11/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Allows corporation business tax credit for subcontracting work to NJ small businesses.
AI Summary
This bill allows corporations in New Jersey to claim a tax credit equal to 1% of the amount they pay to subcontract work to small businesses located in New Jersey. The credit can be used to offset the corporation business tax, but the total credits used cannot exceed 50% of the tax liability or reduce the tax liability below the statutory minimum. The bill defines a "New Jersey small business" as a business with fewer than 50 employees that is not an affiliate, subsidiary, or under the control of the corporation claiming the credit. The bill also requires the state to establish procedures for corporations to certify their eligibility for the credit.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/11/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S684 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S1000/684_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S1000/684_I1.PDF |
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