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

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A statement of the New Jersey Assembly Commerce and Economic Development Committee, dated February 13, 2023, reporting favorably on Assembly Bill No. 4549. The bill allows a tax credit recipient under the Grow New Jersey Assistance Program to apply the credit against the recipient's gross income tax liability, not only against corporation business tax or insurance premiums tax liabilities, and it allows tax credit transfer certificates under the program to be sold to a person with a gross income tax liability.

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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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