NJ S3217

New Jersey breweries and wineries can claim tax credits equal to the cost of purchasing commodities from Jersey Fresh Quality Grading Program licensees for use in beer or wine production, up to a maximum of $10,000 per year

Credits apply against both the corporation business tax and the gross income tax, with unused corporation business tax credits carried forward up to 20 years and unused gross income tax credits carried forward up to 5 years

Taxpayers must submit purchase receipts, Department of Agriculture verification that products came from a Jersey Fresh licensee, and a signed affidavit confirming the commodities will be used in beer or wine production

Credits cannot reduce corporation business tax liability below the statutory minimum or reduce gross income tax liability below zero

The bill takes effect immediately and applies to taxable years beginning on or after January 1 following enactment