Increases tax credits for research expenses and allows refunds for unused credits.

New Jersey A2667 increases the qualified research expenses tax credit from 10 percent to 15 percent for corporation business taxpayers engaged in targeted industries. It also raises the basic research payment tax credit from 10 percent to 15 percent for all taxpayers. Additionally, the bill allows the research tax credit to be refundable for privilege periods beginning on or after the date of enactment. Targeted industries include advanced transportation, manufacturing, aviation, clean energy, and more.

Increases tax credits for research expenses and allows refunds for unused credits.

New Jersey A2667 increases the qualified research expenses tax credit from 10 percent to 15 percent for corporation business taxpayers engaged in targeted industries. It also raises the basic research payment tax credit from 10 percent to 15 percent for all taxpayers. Additionally, the bill allows the research tax credit to be refundable for privilege periods beginning on or after the date of enactment. Targeted industries include advanced transportation, manufacturing, aviation, clean energy, and more.