NJ A4024

New Jersey Department of Labor and Workforce Development must annually calculate a "regional farm wage" by averaging agricultural wage data from Pennsylvania, New York, and Delaware.

Farm employers paying wages above the regional farm wage (but at or below New Jersey's farm wage) qualify for tax credits equal to the "qualified compensation" differential paid to workers.

Credits apply against both Corporation Business Tax (CBT) and Gross Income Tax (GIT), with unused credits carrying forward for up to four years.

CBT credits combined with other credits cannot exceed 50% of tax liability or reduce liability below the statutory minimum; GIT credits cannot reduce liability below zero.

Credits cannot be claimed for costs already used in calculating other tax credits, exemptions, deductions, or business incentive awards.