Bill > A4801

Introduced Session

This bill provides corporation business tax (CBT) credits and gross income tax (GIT) credits to farm employers in an amount equal to the qualified compensation paid to employees of the farm employer during the taxable period. Under the bill, "qualified compensation" would be calculated as the difference between the amount of compensation paid to each employee above the farm wage, and less the amount of compensation that would have been paid to each employee had the employee received the regional farm wage. However, the bill provides that the amount of the tax credit may not be less than zero. Any amount of the tax credit that cannot be applied against a farm employer's CBT liability for a privilege period can be carried forward to the four privilege periods following the privilege period for which a portion of the tax credit was allowed. If the GIT credit exceeds farm employer's liability, the amount of the tax credit for the taxable year can be carried forward to the four taxable years following the taxable year for which the tax credit was allowed. The bill also requires the Commissioner of the Department of Labor and Workforce Development to determine the regional farm wage by averaging the most recent agricultural wage data from Pennsylvania, New York, and Delaware. The commissioner will annually transmit the regional farm wage to the Director of the Division of Taxation. The bill requires the Director of the Division of Taxation in the Department of the Treasury to determine the form and manner by which a taxpayer can apply for the tax credit.

AI Summary

Committee Categories

Linda Carter (D)*,  Alex Sauickie (R)*, 

Introduced, Referred to Assembly Labor Committee (on 09/19/2024)

Official Document