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Bill > S3217
NJ S3217
NJ S3217Provides tax credits equal to cost of Jersey Fresh products purchased by breweries and wineries to be used in production of beer or wine.
summary
Introduced
05/13/2024
05/13/2024
In Committee
05/13/2024
05/13/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill provides tax credits to the owners and operators of breweries and wineries for purchases of Jersey Fresh products. The amount of the credit would be equal to the amount paid to purchase commodities from a Jersey Fresh Quality Grading Program licensee to be used in the production of beer or wine. The value of the credits allowed under the bill would not exceed $10,000. To qualify for the credit, a taxpayer would be required to attach receipts for sales of the commodities purchased by the taxpayer during the tax year or tax period, documentation from the Department of Agriculture verifying that the commodities were purchased from a Jersey Fresh Quality Grading Program licensee, and a signed affidavit stating that the commodities were purchased for business use.
AI Summary
This bill provides tax credits to the owners and operators of breweries and wineries in New Jersey for purchases of Jersey Fresh agricultural products, which are commodities approved by the New Jersey Department of Agriculture to use the "Jersey Fresh" label. The tax credit amount is equal to the cost of the Jersey Fresh products purchased and used in the production of beer or wine, with a $10,000 cap. To qualify, the taxpayer must provide receipts, documentation from the Department of Agriculture, and an affidavit stating the products were used for business purposes. The credits can be applied against the corporation business tax or the New Jersey gross income tax, with certain limitations and carryover provisions.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee (on 05/13/2024)
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/S3217 |
| BillText | https://pub.njleg.gov/Bills/2024/S3500/3217_I1.HTM |
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