NJ S1453

Provides gross income tax credits of 75% in year one, 50% in year two, and 25% in year three for qualified small business start-ups operating profitably in New Jersey

Defines qualified small businesses as those registered in New Jersey with 50 or fewer employees and net income of $100,000 or less during their first profitable year

Requires taxpayers to obtain prior written authorization from the Director of the Division of Taxation before claiming credits, including demonstrating the business is unrelated to other businesses operated by the taxpayer

Credits cannot be carried forward or backward—they must be applied only to the tax year in which they are earned

Applications for credit authorization are deemed approved if the Director fails to respond within 90 calendar days of receiving a complete application