A2993

New Jersey S corporations can elect to transfer corporation business tax credits to shareholders to apply against their gross income tax liability.

This bill allows New Jersey S corporations to elect to transfer corporation business tax credits to shareholders to apply against the shareholders' gross income tax liability. The credits, which are typically limited to reducing tax liability by half, can be passed through for the Alternate Commuting Credit, the Urban Enterprise Zone New Employment Credit, the Qualified Municipality Open For Business Credit, the Neighborhood Revitalization Credit, the New Jobs Investment Tax Credit, the Manufacturing Equipment and Employment Investment Credit, the Research and Development Credit, the Water.