New Jersey Economic Development Authority Readopts Income Tax Regulations Concerning PPE Manufacturing Tax Credit Program

The New Jersey Economic Development Authority Dec. 6 readopted regulations on the Personal Protective Equipment Manufacturing Tax Credit Program, for individual income, corporate income, and trust income tax purposes. The rules include measures: 1) implementing the program for taxable years 2020 through 2022 to provide $10,000 tax credits for each new qualifying full-time job, up to $500,000 for a taxpayer’s applicable taxable year or privilege period; 2) outlining criteria for a taxpayer to be eligible for the credits; 3) setting a base value amount for the credit and explaining tax liabilities against which the credit can be applied; and 4) ...