New Jersey A145 allows a tax credit for farmers using income averaging to stabilize tax liabilities.

New Jersey A145 permits a tax credit for farmers using income averaging to smooth out tax liabilities over four years. This credit applies to taxable years starting after January 1 following the bill's enactment. The credit is the difference between the tax liability without and with income averaging, up to a maximum of $5,000 annually. This aims to help farmers manage the economic risks associated with farming.

New Jersey A145 allows a tax credit for farmers using income averaging to stabilize tax liabilities.

New Jersey A145 permits a tax credit for farmers using income averaging to smooth out tax liabilities over four years. This credit applies to taxable years starting after January 1 following the bill's enactment. The credit is the difference between the tax liability without and with income averaging, up to a maximum of $5,000 annually. This aims to help farmers manage the economic risks associated with farming.