NJ S3674

Small businesses (50 or fewer full-time employees) located in impacted construction zones near public highway projects can claim refundable credits against sales tax remittances during the construction period, minus the portion dedicated to the Property Tax Relief Fund.

Retail businesses in impacted zones can claim gross income tax and corporation business tax credits equal to their documented revenue losses, calculated as the difference between actual receipts and the average receipts from the same period in the four prior years.

Revenue loss and lost wages tax credits can be carried forward for up to seven years if they exceed current tax liability, and businesses may apply for transferable tax credit certificates to sell or assign credits to other taxpayers.

Employees of affected small businesses who experience reduced work hours due to highway project impacts can claim gross income tax credits for lost wages, calculated as the difference between baseline wages and actual wages received.

The Commissioner of Transportation must notify the Division of Taxation when highway projects commence or conclude, and the bill appropriates funds from the General Fund to cover the sales tax remittance credits.