Bill
Bill > A2273
NJ A2273
Provides corporation business tax credit to taxpayers that develop qualified native pollinator habitat on undeveloped property.
summary
Introduced
02/01/2018
02/01/2018
In Committee
02/01/2018
02/01/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
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
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 following the effective date of the bill, a taxpayer that owns or leases at least 25 contiguous acres of undeveloped property in New Jersey, develops qualified native pollinator habitat on that property, and 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. Qualified native pollinator habitat is defined as an area of land developed as habitat beneficial for the feeding, nesting, and reproduction of native pollinators, such as bees, and must utilize plants that are native to New Jersey. The bill aims to incentivize the planting of native pollinator habitat on undeveloped property throughout the state to support pollinators, which are extremely important for crop reproduction.
Committee Categories
Agriculture and Natural Resources
Sponsors (2)
Last Action
Introduced, Referred to Assembly Agriculture and Natural Resources Committee (on 02/01/2018)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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BillText | https://www.njleg.state.nj.us/2018/Bills/A2500/2273_I1.HTM |
Bill | https://www.njleg.state.nj.us/2018/Bills/A2500/2273_I1.PDF |
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