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Bill > A4023

NJ A4023

NJ A4023
Provides research and development tax credit under gross income tax.

summary

Introduced
05/16/2022
In Committee
05/16/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

This bill allows taxpayers subject to the New Jersey gross income tax to claim a credit for research and development (R&D) expenses and payments in the same way that taxpayers subject to the corporation business tax may claim the credit. The credit is based on the federal R&D tax credit, and is intended to incentivize R&D spending, which will stimulate technological and economic growth in New Jersey.

AI Summary

This bill allows taxpayers subject to the New Jersey gross income tax to claim a credit for research and development (R&D) expenses and payments in the same way that taxpayers subject to the corporation business tax may claim the credit. The credit is based on the federal R&D tax credit and is intended to incentivize R&D spending, which will stimulate technological and economic growth in New Jersey. The bill also provides specific details on the calculation of the credit, including the applicable percentages and the treatment of qualified small businesses and partnerships.

Committee Categories

Business and Industry

Sponsors (13)

Last Action

Introduced, Referred to Assembly Science, Innovation and Technology Committee (on 05/16/2022)

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