Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4634 (March 8, 2021)

Summary

Assembly Commerce and Economic Development Committee statement to Assembly, No. 4634, with committee amendments, State of New Jersey, dated March 8, 2021, reporting Assembly Bill No. 4634 favorably and with committee amendments. As amended, the bill would allow a corporation business tax taxpayer to claim a credit against the tax equal to one percent of the amount paid to New Jersey small businesses for subcontracted work. The work must be performed in New Jersey and the subcontractor must have less than 50 employees. The committee amendments would add an inadvertently omitted word to the bill.

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Cite this document

“Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4634 (March 8, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-08-ace-a4634-s1-c21b659daa/, SHA-256 d4ea6cc10b69ef300bbc015d3f02bef86a32fd6533b098a8f4ef026dbf85b53b.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 4634
                        with committee amendments



       STATE OF NEW JERSEY
                           DATED: MARCH 8, 2021

         The Assembly Commerce and Economic Development Committee
      reports favorably and with committee amendments Assembly Bill No.
      4634.
         This bill, as amended, would allow a corporation business tax
      taxpayer to claim a credit against the tax equal to one percent of the
      amount the taxpayer paid to New Jersey small businesses for
      subcontracted work.
         For purposes of the credit, subcontracted work is that work
      which the taxpayer subcontracts to New Jersey small businesses for
      performance of all or an element of the taxpayer’s own contracted
      duties. In addition, the subcontracted work must be performed in
      New Jersey and the subcontractor must have less than 50
      employees.

      COMMITTEE AMENDMENTS:
         The committee amendments would add an inadvertently omitted
      word to the bill.

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