Bill
Bill > A3091
NJ A3091
NJ A3091Provides corporation business tax and gross income tax credits to long-term care facilities that increase number of residential units reserved for single occupancy by at least five percent.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill allows taxpayers that own and operate long-term care facilities licensed by the State 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.
AI Summary
This bill allows taxpayers that own and operate long-term care facilities, 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 facility by at least 5 percent. The credit amount is $100 for every 5-percent increase in the number of single-occupancy units, up to $2,000 for the taxable year or privilege period. The bill specifies the order of priority for applying the credit and limitations on reducing a taxpayer's tax liability below the statutory minimum.
Committee Categories
Health and Social Services
Sponsors (1)
Last Action
Introduced, Referred to Assembly Aging and Human Services 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/A3091 |
| BillText | https://pub.njleg.gov/Bills/2024/A3500/3091_I1.HTM |
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