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NJ S3683
Bill
Status
9/30/2024
Primary Sponsor
Michael Testa
Click for details
AI Summary
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Provides a 10% tax credit against Corporation Business Tax and Gross Income Tax for qualifying food establishments that purchase fruits, vegetables, crops, and other ingredients grown or manufactured in New Jersey
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Qualifying food establishments include restaurants, food manufacturing establishments, and limited or restricted breweries licensed under state law
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Tax credits cannot exceed 50% of the tax liability otherwise due in any given tax year
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Unused tax credits may be carried forward and applied over the following 20 tax years
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Director of the Division of Taxation must adopt rules in consultation with the Secretary of Agriculture to implement the program
Legislative Description
"Grown Here, Eaten Here Act"; provides CBT and GIT tax credits to qualifying food establishments for costs of purchasing certain local ingredients.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
9/30/2024