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NJ S4370
Bill
Status
5/12/2025
Primary Sponsor
Anthony M. Bucco
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AI Summary
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Small businesses (50 or fewer employees) operating within impacted construction zones may claim a refundable credit against sales tax remittances for taxes collected during the duration of a public highway project, excluding the constitutionally dedicated portion for property tax relief
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Retail business establishments in impacted zones may claim corporate or gross income tax credits equal to documented revenue losses, calculated as the difference between average receipts from the same period over the prior four years and actual receipts during construction
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Employees of affected retail businesses may claim gross income tax credits for lost wages resulting from reduced or modified work schedules caused by public highway project impacts
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Tax credits for businesses and employees may be carried forward for up to seven years if they cannot be fully applied, and business tax credits may be sold or transferred to other taxpayers through a certificate program
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The Commissioner of Transportation must notify the Division of Taxation of project commencement and completion, and the bill appropriates necessary funds from the General Fund to cover sales tax remittance credits
Legislative Description
"Road to Tax Relief Act"; provides credit for sales tax remittances for businesses impacted by public highway projects, including Interstate 80 project; provides tax credits for certain businesses and persons impacted by same projects; makes appropriation.
Transportation
Last Action
Introduced in the Senate, Referred to Senate Transportation Committee
5/12/2025