Bill > S2659

Introduced Session

This bill, designated the "Made in New Jersey Tax Credit Act," provides tax credits under the corporation business tax to taxpayers who produce purchase New Jersey made products for the purposes of retail sales, manufacturing, or a manufacturing production process. The tax credit is equal to 25 percent multiplied by the ratio between the costs incurred in the purchase of the New Jersey made products and the taxpayer's total costs incurred in the purchase of products for the purposes of retail sales or manufacturing. The total costs exclude any costs for products that the taxpayer can demonstrate could not have been substituted with a similar made in New Jersey product. However, if two-thirds or more of a taxpayer's total costs incurred are excluded, then the taxpayer is ineligible for the credit. When this credit is combined with other credits, it cannot exceed the tax liability otherwise due and cannot reduce the tax liability below the statutory minimum. The credit can be carried forward up to seven privilege periods after the privilege period for which the credit is allowed. "New Jersey made" means that all or virtually all the significant parts, processing, and labor that produce that product originate or are sourced in the State of New Jersey, and that the products do not contain or contain only negligible out of state content.

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Linda Greenstein (D)*,  Mike Testa (R)*,  Parker Space (R), 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 02/12/2024)

Official Document