Bill
Bill > S799
NJ S799
NJ S799Allows corporation business tax credit for subcontracting work to NJ small businesses.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 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 (defined as businesses with fewer than 50 employees) for subcontracted work performed in New Jersey. The credit is subject to certain limitations, and the director is required to prescribe procedures for taxpayers to certify their eligibility for the credit.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S799 |
| BillText | https://pub.njleg.gov/Bills/2024/S1000/799_I1.HTM |
Loading...