New Jersey bill offers gross income tax credits to support the development of small business start-ups.

The bill provides gross income tax credits to support the development of New Jersey-based small business start-ups. The credit is available to taxpayers who meet the definition of a qualified small business. The credit amount is determined based on a fixed percentage of the taxpayer's New Jersey gross income tax liability incurred and required to be paid in connection with the conduct or operation of the qualified small business. The credit is weighted in favor of tax liabilities incurred during the first few years of profitability.

New Jersey bill offers gross income tax credits to support the development of small business start-ups.

The bill provides gross income tax credits to support the development of New Jersey-based small business start-ups. The credit is available to taxpayers who meet the definition of a qualified small business. The credit amount is determined based on a fixed percentage of the taxpayer's New Jersey gross income tax liability incurred and required to be paid in connection with the conduct or operation of the qualified small business. The credit is weighted in favor of tax liabilities incurred during the first few years of profitability.