Bill
Bill > S2707
NJ S2707
NJ S2707Increases qualified research expenses tax credit for corporation business taxpayers engaged in targeted industries; increases basic research payment tax credit; allows research tax credit to be refundable.
summary
Introduced
05/19/2022
05/19/2022
In Committee
12/19/2022
12/19/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Increases qualified research expenses tax credit for corporation business taxpayers engaged in targeted industries; increases basic research payment tax credit; allows research tax credit to be refundable.
AI Summary
This bill increases the qualified research expenses tax credit for corporation business taxpayers engaged in targeted industries from 10% to 15% of the excess 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. The bill defines "targeted industry" to include various innovative sectors such as advanced transportation, manufacturing, clean energy, and life sciences. The increased credits and refundability apply to privilege periods beginning on or after the effective date of the bill.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (6)
Linda Greenstein (D)*,
Mike Testa (R)*,
Kristin Corrado (R),
Patrick Diegnan (D),
Troy Singleton (D),
Andrew Zwicker (D),
Last Action
Senate Commerce Hearing (11:00:00 12/19/2022 Committee Room 1, 1st Floor, State House Annex, Trenton, NJ) (on 12/19/2022)
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/S2707 |
| Analysis - Statement SCM 12/19/22 | https://pub.njleg.gov/Bills/2022/S3000/2707_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S3000/2707_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S3000/2707_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S3000/2707_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S3000/2707_I1.PDF |
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