Bill > A3917

This bill allows a corporation business tax credit for making retail sales of New Jersey-made products. The credit amount is $3.31 for every $100 of retail sales of New Jersey-made products, which is intended to approximate 50% of the state's sales tax rate on those purchases. The bill defines "New Jersey-made products" as products where all or virtually all significant parts, processing, and labor originate or are sourced from New Jersey, excluding products with more than a negligible amount of content from outside the state. The bill also authorizes the Director of the Division of Taxation to adopt rules and regulations to implement the credit without the typical administrative procedure requirements.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2022/A3917