NJ S913

New Jersey breweries and wineries would receive tax credits equal to the cost of purchasing Jersey Fresh products used in beer or wine production, up to a maximum of $10,000 per year.

Qualifying purchases must be made from Jersey Fresh Quality Grading Program licensees, which are entities approved by the Department of Agriculture to use the "Jersey Fresh" logo.

Taxpayers must provide sales receipts, Department of Agriculture verification that products came from a Jersey Fresh licensee, and a signed affidavit confirming the products will be used in beer or wine production.

Unused corporation business tax credits may be carried forward for up to 20 years, while unused gross income tax credits may be carried forward for up to 5 years.

The bill would take effect immediately and apply to taxable years beginning on or after January 1 following enactment.