New Jersey A232 provides a tax credit for research and development expenses under the gross income tax.

New Jersey A232 allows taxpayers subject to the New Jersey gross income tax to claim a credit for research and development (R&D) expenses and payments. This credit mirrors the federal R&D tax credit and aims to incentivize R&D spending, fostering technological and economic growth in New Jersey. The credit is calculated based on qualified research expenses and basic research payments, with specific provisions for S corporations and partnerships. The credit can be carried over to subsequent taxable years if not fully utilized.

New Jersey A232 provides a tax credit for research and development expenses under the gross income tax.

New Jersey A232 allows taxpayers subject to the New Jersey gross income tax to claim a credit for research and development (R&D) expenses and payments. This credit mirrors the federal R&D tax credit and aims to incentivize R&D spending, fostering technological and economic growth in New Jersey. The credit is calculated based on qualified research expenses and basic research payments, with specific provisions for S corporations and partnerships. The credit can be carried over to subsequent taxable years if not fully utilized.