S.1894

New Jersey S1894 allows farm operators to accelerate depreciation of certain expenditures under corporation business and gross income taxes.

New Jersey S1894 allows farm operators to accelerate depreciation of certain expenditures under corporation business and gross income taxes. This bill matches two federal tax code provisions, allowing the accelerated depreciation of assets under section 168 of the federal Internal Revenue Code and the immediate deduction of certain capital expenses under section 179 of the federal Internal Revenue Code. The bill applies to privilege periods and taxable years beginning on or after the effective date.