New Jersey S1357 offers tax credits for businesses relocating to New Jersey.

New Jersey S1357 provides temporary corporation business tax and gross income tax credits for businesses relocating to New Jersey. The credits are 35% for businesses moving from outside the United States and 25% for those moving from within the U.S. but outside New Jersey. These credits apply to insourcing expenses incurred between January 1, 2019, and December 31, 2023. The credits can be carried forward for up to five years if unused. If a business reduces its New Jersey full-time employees within five years of claiming the credit, the credit will be subject to recapture.

New Jersey S1357 offers tax credits for businesses relocating to New Jersey.

New Jersey S1357 provides temporary corporation business tax and gross income tax credits for businesses relocating to New Jersey. The credits are 35% for businesses moving from outside the United States and 25% for those moving from within the U.S. but outside New Jersey. These credits apply to insourcing expenses incurred between January 1, 2019, and December 31, 2023. The credits can be carried forward for up to five years if unused. If a business reduces its New Jersey full-time employees within five years of claiming the credit, the credit will be subject to recapture.