New Jersey S1612 provides corporation business and gross income tax credits for acquiring qualified farming equipment.

New Jersey S1612 provides corporation business and gross income tax credits for taxpayers who acquire qualified farming equipment. The credits amount to 10 percent of the acquisition cost, but cannot exceed 25 percent of the taxpayer's tax liability. To claim the credit, a taxpayer must apply to the Secretary of Agriculture for certification that they are engaged in an eligible farming operation and have acquired the equipment. The Secretary of Agriculture must review the application and issue a written certification within 90 days.

New Jersey S1612 provides corporation business and gross income tax credits for acquiring qualified farming equipment.

New Jersey S1612 provides corporation business and gross income tax credits for taxpayers who acquire qualified farming equipment. The credits amount to 10 percent of the acquisition cost, but cannot exceed 25 percent of the taxpayer's tax liability. To claim the credit, a taxpayer must apply to the Secretary of Agriculture for certification that they are engaged in an eligible farming operation and have acquired the equipment. The Secretary of Agriculture must review the application and issue a written certification within 90 days.