Bill
Bill > A715
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 New Jersey gross income tax to claim a credit for research and development (R&D) expenses and payments in the same way that taxpayers subject to the corporation business tax may claim the credit. The credit is based on the federal R&D tax credit, and is intended to incentivize R&D spending, which will stimulate technological and economic growth in New Jersey.
AI Summary
This bill allows taxpayers subject to the New Jersey gross income tax to claim a credit for research and development (R&D) expenses and payments, similar to the way taxpayers subject to the corporation business tax may claim the credit. The credit is based on the federal R&D tax credit and is intended to incentivize R&D spending, which will stimulate technological and economic growth in New Jersey. The bill specifies the calculation of the credit, including that it is 10% of the excess of qualified research expenses over the base amount, as well as 10% of basic research payments. The bill also allows taxpayers who are partnerships or S corporations to claim their share of the credit, and ensures that the credit can be carried over to future years if it exceeds the current year's tax liability.
Committee Categories
Business and Industry
Sponsors (9)
Mike Torrissi (R)*,
Bob Auth (R),
Christian Barranco (R),
Rob Clifton (R),
Chris DePhillips (R),
John DiMaio (R),
Dawn Fantasia (R),
Michael Inganamort (R),
Shavonda Sumter (D),
Last Action
Introduced, Referred to Assembly Science, Innovation and Technology Committee (on 01/09/2024)
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/2024/A715 |
| BillText | https://pub.njleg.gov/Bills/2024/A1000/715_I1.HTM |
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