Bill > A4117

Introduced Session

This bill would provide corporation business tax credits to taxpayers that develop qualified pollinator habitat on their undeveloped properties. Specifically, for privilege periods beginning on or after January 1 next following the effective date of this bill, a taxpayer that owns or leases at least 25 contiguous acres of undeveloped property in the State, that develops qualified native pollinator habitat on that property, and that meets the requirements of the bill, would be allowed a credit against the corporation business tax in an amount equal to 50 percent of the reasonable cost expended for developing the qualified native pollinator habitat, up to $25,000. For the purposes of the bill, qualified native pollinator habitat means an area of land developed as habitat beneficial for the feeding, nesting, and reproduction of native pollinators, such as bees, as determined by the department. Qualified native pollinator habitat must utilize plants that are native to New Jersey. To qualify for the credit, a taxpayer would have to apply for a certification from the Secretary of Agriculture that certifies: (1) that the property developed is qualified native pollinator habitat; and (2) the amount of the tax credit. The application would include the address and acreage of the undeveloped property, a description of the qualified native pollinator habitat, its precise locations on the property, the cost for developing it, appropriate documentation of those costs, and any other information the department determines relevant. When filing a tax return that includes a claim for a credit pursuant to this bill, the taxpayer would have to include a copy of the certification issued by the Secretary of Agriculture. Pollinators, such as bees, are extremely important to the State. Approximately one-third of all crops grown depend on pollinators for reproduction. Recently, however, the survival of many pollinators has been threatened by, among other things, habitat loss. This bill would incentivize the planting of native pollinator habitat on undeveloped property throughout the State.

AI Summary

Committee Categories

Clinton Calabrese (D)*, 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 04/04/2024)

Official Document