S.3558

New Jersey S3558 offers CBT tax credits to taxpayers purchasing "New Jersey made" products.

New Jersey S3558, the "Made in New Jersey Tax Credit Act," provides tax credits under the corporation business tax to taxpayers who purchase "New Jersey made" products. A "New Jersey made" product is defined as one where all or virtually all significant parts, processing, and labor originate or are sourced in New Jersey, with negligible out-of-state content. The credit is equal to 25 percent of the ratio between the costs incurred in purchasing New Jersey made products and the taxpayer's total costs for products. An unused credit can be carried forward for up to seven privilege periods.