A5417

New Jersey A5417 provides tax credits for construction or expansion of rural meat processing facilities.

New Jersey A5417 establishes tax incentives for taxpayers who fund projects to construct or expand rural meat processing facilities. The bill allows a credit against the Corporation Business Tax and the income tax. The credit is 20 percent of the costs for general projects or 30 percent if the project includes a smokehouse, sausage line, packaging facility, or cold storage facility. Each tax credit is capped at $5 million, with a total cap of $50 million. The tax credits expire after five years.