Bill > A2487

This bill increases the qualified research expenses tax credit for corporation business taxpayers engaged in targeted industries from 10% to 15% of the excess of the qualified research expenses over the base amount. It also increases the basic research payment tax credit from 10% to 15% and allows the research tax credit to be refundable, meaning taxpayers can receive a refund if the credit exceeds their tax liability. The targeted industries include advanced transportation and logistics, manufacturing, aviation, autonomous vehicle and zero-emission vehicle research or development, clean energy, life sciences, and other innovative industries. The bill applies to privilege periods beginning on or after the date of enactment.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2022/A2487