New Jersey A145 allows a tax credit for farmers using income averaging to stabilize tax liabilities.
New Jersey A145 permits a tax credit for farmers using income averaging to smooth out tax liabilities over four years. This credit applies to taxable years starting after January 1 following the bill's enactment. The credit is the difference between the tax liability without and with income averaging, up to a maximum of $5,000 annually. This aims to help farmers manage the economic risks associated with farming.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.