NJ S739

Commercial farm operators in New Jersey may claim tax credits equal to their "price loss" on crops sold during the tax period, defined as the difference between baseline receipts (based on monthly reference prices set by the Secretary of Agriculture) and actual receipts received.

Tax credits apply to both corporation business tax and gross income tax, with unused credits carried forward for up to seven years; total credits combined with other credits cannot exceed 50% of corporate tax liability.

The Secretary of Agriculture must calculate and publish monthly reference prices for each New Jersey commercial farm product within 90 days of each month's end, reflecting market conditions and production costs.

Tax credits may be transferred through tax credit transfer certificates, allowing commercial farm operators to sell or assign credits to other taxpayers who can use them against corporation business tax or gross income tax for up to three successive tax periods.

Applies to crops harvested for human consumption (fruits, vegetables) but excludes crops grown for livestock feed; effective for tax periods beginning January 1 of the year following enactment.