S.799

New Jersey S799 allows a corporation business tax credit for subcontracting work to small businesses in New Jersey.

New Jersey S799 provides a tax credit for corporations that subcontract work to small businesses in New Jersey. The credit is equal to one percent of the amount paid to a New Jersey small business for subcontracted work. A New Jersey small business is defined as a business located in the state with fewer than 50 employees, excluding affiliates or subsidiaries of the taxpayer. The credit applies to work performed in New Jersey and cannot exceed 50 percent of the tax liability, nor reduce it below the statutory minimum.