Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4549 (February 13, 2023)

Summary

The New Jersey Assembly Commerce and Economic Development Committee reported Assembly Bill No. 4549 favorably on February 13, 2023. Grow New Jersey Assistance Program credits could be applied against gross income tax, not only corporation business or insurance premiums tax, and transfer certificates could be sold to gross income taxpayers.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 4549

       STATE OF NEW JERSEY
                         DATED: FEBRUARY 13, 2023

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 4549.
          This bill allows a tax credit recipient under the Grow New Jersey
      Assistance Program to apply the tax credit against the recipient’s gross
      income tax liability. Under the current program, a taxpayer may only
      apply the credit against their corporation business tax liability or
      certain insurance premiums tax liabilities. The bill also allows tax
      credit transfer certificates under the Grow New Jersey Assistance
      Program to be sold to a person with a gross income tax liability.


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