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NJ S3560
Bill
Status
2/19/2026
Primary Sponsor
Linda Greenstein
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AI Summary
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Increases the qualified research expenses tax credit from 10% to 15% for corporation business taxpayers primarily engaged in targeted industries, including advanced transportation, clean energy, life sciences, autonomous vehicles, information technology, and film and digital media
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Raises the basic research payments tax credit from 10% to 15% for all corporation business taxpayers making qualifying payments to institutions of higher education and scientific research organizations
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Makes the research tax credit refundable, allowing taxpayers to receive cash payments for unused credit amounts rather than only carrying forward unused credits for up to seven privilege periods
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Directs the New Jersey Economic Development Authority to periodically identify and update the list of targeted industries eligible for the enhanced qualified research expenses credit
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Applies to privilege periods beginning on or after the date of enactment
Legislative Description
Increases qualified research expenses tax credit for corporation business taxpayers engaged in targeted industries; increases basic research payment tax credit; allows research tax credit to be refundable.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
2/19/2026