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NJ S1887
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Latham Tiver
Click for details
AI Summary
- Creates a farm income averaging tax credit allowing New Jersey farmers to average their farming income over four years (current year plus three prior years) when calculating gross income tax liability
- Caps the maximum annual credit at $5,000
- Defines eligible farming businesses as those conducted in New Jersey involving cultivation of land or raising agricultural/horticultural commodities, including livestock, poultry, dairy, crops, and nursery products
- Treats any base year with a farming loss as zero in the averaging calculation, and excludes years when the taxpayer did not engage in farming
- Takes effect immediately and applies to taxable years beginning on or after January 1 following enactment
Legislative Description
Permits farm income averaging credit under the New Jersey gross income tax.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/13/2026
Committee Referrals
Economic Growth1/13/2026
Full Bill Text
No bill text available