Bill > S2200

This bill creates a three-year pilot program that provides tax credits to commercial farm operators who donate fruits and vegetables to charitable organizations in New Jersey. Under the program, farm operators can receive a tax credit equal to 50 percent of the wholesale value of their donated produce, up to $5,000 per year, against both corporation business tax and gross income tax. To claim the credit, farm operators must obtain a written statement from the charitable organization detailing the donation, including the variety, grade, quantity, and wholesale value of the produce. The Secretary of Agriculture will establish and publish wholesale values monthly and prepare a standard form for donation documentation. The total tax credits awarded under this program are capped at $100,000 per fiscal year, and any unused credits can be carried forward for up to five years. At the end of the pilot program, the Secretary of Agriculture will prepare an annual report analyzing the program's impact, including the number of taxpayers claiming credits, total dollar value of credits, counties of origin for donated produce, donation timing, and benefiting charitable organizations. The report will also include recommendations about continuing the program and potentially adjusting the tax credit percentage.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S2200