| State: |
NJ |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Other Tax Credits |
| Description: |
1. RECYCLING EQUIPMENT CREDIT: Income tax credit for purchases of certified recycling equipment.
2. NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT A taxpayer that contributes financial assistance to a nonprofit sponsor may be granted a certificate authorizing a tax credit that may be used to offset their corporation business tax liability. The tax credit may be granted in an amount up to 50% of the approved assistance provided to a nonprofit organization to implement a qualified project that is part of an approved neighborhood preservation and revitalization plan.
3. REDEVELOPMENT AUTHORITY TAX CREDIT Any taxpayer that is actively engaged in the conduct of business at a location within a project as defined in N.J.S.A. 55:19-1 et seq., and whose business at that location consists primarily of manufacturing or other business that is not retail sales or warehousing oriented, may be entitled to claim the Redevelopment Authority Project Tax Credit. This credit is allowed in the tax year next following the tax year of qualification.
|
| Eligibility Requirements: |
1. Must receive certification from the Department of Environmental Protection for each piece of equipment.
2. The credit may not exceed $500,000 for any taxable year. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
Economic Development Authority |
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