S.1362

Provides gross income tax credits to support New Jersey-based small business start-ups.

Provides gross income tax credits to support the development of New Jersey-based small business start-ups. The credit is equal to 75 percent of the tax liability in the first year of profitability, 50 percent in the second year, and 25 percent in the third year. The bill requires a taxpayer to obtain written authorization from the director to claim the credit. The director must review and approve applications within 90 days. If the director fails to act within the specified timeframes, the application is deemed approved.