New Jersey Loves New Jersey Farmers Act provides tax credits to commercial farm operators for price loss.
The New Jersey Loves New Jersey Farmers Act provides corporation business tax credits and gross income tax credits to commercial farm operators for price loss. The bill defines "price loss" as the difference between baseline receipts and actual receipts for a New Jersey commercial farm product, provided the actual receipts are lower. A commercial farm operator can apply for a tax credit if they obtain a certification of price loss from the Secretary of Agriculture. The bill also allows operators to apply for a tax credit transfer certificate to sell or assign part or all of the credit.
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