NJ S1612

Tax credit equals 10% of the purchase price for qualified farming equipment used directly in eligible farming operations in New Jersey.

Credit applies to both corporation business tax and gross income tax, but cannot exceed 25% of the taxpayer's tax liability for the year.

Eligible farming operations include commercial growing, harvesting, processing, and raising of crops, dairy animals, livestock, poultry, bees, aquaculture, horticulture, silviculture, and products used in fermented beverages and wine.

Taxpayers must obtain certification from the Secretary of Agriculture confirming their farming operation status and equipment acquisition; the Secretary has 90 days to approve applications.

Unused credits may be carried forward for up to seven years following the tax year in which the credit was earned.