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

Summary

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

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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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