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Bill > A5309
NJ A5309
NJ A5309Allows corporation business tax credit for subcontracting work to NJ small businesses.
summary
Introduced
03/16/2023
03/16/2023
In Committee
03/16/2023
03/16/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill allows taxpayers subject to the corporation business tax to claim a credit against that tax equal to one percent of the amount the taxpayer paid to New Jersey small businesses for subcontracted work. For purposes of the credit, subcontracted work is that work which the taxpayer subcontracts to New Jersey small businesses for performance of all or an element of the taxpayer's own contracted duties. In addition, the subcontracted work must be performed in New Jersey and the subcontractor must have less than 50 employees.
AI Summary
This bill allows taxpayers subject to the corporation business tax to claim a credit against that tax equal to one percent of the amount the taxpayer paid to New Jersey small businesses for subcontracted work. To qualify, the subcontracted work must be performed in New Jersey by a small business with fewer than 50 employees that is not affiliated with or controlled by the taxpayer. The credit can be applied against up to 50% of the taxpayer's tax liability, but cannot reduce the tax liability below the statutory minimum.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 03/16/2023)
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/A5309 |
| BillText | https://pub.njleg.gov/Bills/2022/A5500/5309_I1.HTM |
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