New Jersey S3560 enhances tax credits for research expenses and payments, making credits refundable.
New Jersey S3560 amends the corporation business tax to increase the qualified research expenses tax credit from 10 percent to 15 percent for taxpayers in targeted industries. It also raises the basic research payments tax credit from 10 percent to 15 percent for all taxpayers. The bill allows the research tax credit to be refundable, enabling taxpayers to receive a cash payment for unused credits. Targeted industries include advanced transportation, manufacturing, aviation, clean energy, and more.
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