Bill > A4856

This bill allows taxpayers that own and operate long-term care facilities licensed by the State, such as nursing homes, assisted living residences, and dementia care homes, to claim a credit against the corporate business tax or the gross income tax if they increase the number of residential units reserved for single occupancy at the long-term care facility by at least five percent. The amount of the credit is $100 for every five-percent increase in the number of units reserved for single occupancy, up to $2,000 for the taxable year or privilege period. The bill also specifies the order of priority for applying the credit and limitations on reducing the taxpayer's liability below the statutory minimum.

Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2022/A4856