Bill > A3899

This bill creates a pilot program that provides tax credits for commercial farm operators who donate fruits and vegetables to charitable organizations in New Jersey. Under the program, which will last for three years, farm operators can receive a tax credit equal to 50 percent of the wholesale value of their donated produce, with a maximum credit of $5,000 per year. The credits can be applied against either corporation business tax or 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 location where the produce was grown. The Secretary of Agriculture will establish monthly wholesale values for the produce and prepare standard forms 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. The bill requires an annual report detailing the program's implementation, including information about participating farmers, total donations, and geographic distribution. Additionally, the final report will include recommendations about potentially continuing or expanding the tax credit program, with the goal of encouraging commercial farmers to donate fresh produce to help address food insecurity in New Jersey.

Budget and Finance, Business and Industry, Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A3899