NJ S1241

Creates a corporation business tax credit of $3.31 for every $100 in retail sales of New Jersey-made products, designed to approximate 50% of the state's sales tax rate.

Defines "New Jersey made products" as items where all or virtually all significant parts, processing, and labor originate from New Jersey, excluding products with more than negligible out-of-state content.

Unused tax credits may be carried forward for up to seven privilege periods following the year the credit is earned.

Credits cannot reduce tax liability below the statutory minimum, and the Director of the Division of Taxation will determine priority when multiple credits apply.

Authorizes the Division of Taxation to immediately adopt rules for documentation and verification of credit claims, effective for up to 18 months.