NJ S4469

Commercial farm operators in New Jersey may claim corporation business tax or gross income tax credits equal to their "price loss" on crops harvested for human consumption, calculated as the difference between expected baseline receipts and actual receipts when actual receipts are lower

The Secretary of Agriculture must calculate and publish monthly reference prices for each New Jersey commercial farm product within 90 days of each month's end, reflecting market conditions and production costs, to establish baseline receipts

Tax credits are limited to 50% of corporation business tax liability (with no reduction below statutory minimum), and unused credits may be carried forward for seven years before expiring

Commercial farm operators may apply for a tax credit transfer certificate to sell or assign credits to other taxpayers, who can use them against corporation business tax or gross income tax liabilities within three successive tax periods, with transferees able to carry forward unused credits for five years

The Secretary of Agriculture must certify price loss claims based on business records submitted by farm operators, and the bill applies to tax periods beginning on or after January 1 of the year following enactment