NJ bill gives tax credits to small businesses

Provides corporation business tax credits and gross income tax credits to small business employers and farm employers for increases in certain mandatory employer contributions.

Introduced· 2026-01-13

Who's it for

Who's it for: Small businesses

What it means for you

4/10Mixed

Mixed: some good, some bad ·

Cost shift

Draft summary, still being checked against the official bill text. Read the source to confirm.

If passed, the bill would let small businesses and farms claim up to $12,000 in state tax credits for any increase they make in required insurance contributions.

Our take

What we think, in plain words.

Small firms could keep more money to grow or hire, while the state loses revenue that could fund services, so voters should weigh the trade‑off now while the bill is still being debated.

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The facts

What the bill actually says, no spin.

Provides a tax credit of up to $12,000 per year per employer.
Applies to businesses with fewer than 25 employees and under $1 million in net receipts.
Credit is based on the increase in mandatory contributions for workers' compensation, disability, and unemployment insurance.
Credit cannot reduce tax liability below the statutory minimum and is limited to 50% of the tax due.
Unused credit can be carried forward for up to four years.