NJ S114

Tax credit of 25% of qualified capital expenses for vineyards and wineries establishing new operations or making capital improvements, available for taxable years from January 1, 2018 through January 1, 2028

Annual aggregate cap of $3,000,000 for all credits statewide, with individual taxpayer limits of $250,000 total over 10 years and $50,000 maximum per year

Qualified capital expenses include equipment and agricultural materials such as barrels, bottling equipment, tractors, irrigation systems, fermenters, wine tanks, deer fencing, and harvesting equipment

Unused credits may be carried forward for 10 years or claimed as a refund; corporations cannot reduce tax below the statutory minimum

Taxpayers must obtain prior written authorization from the Director of Taxation through an application process before claiming credits, with automatic approval if no response within 90 days