H.R. 8655: Jersey Pride Tax Credit Act of 2026

This bill, titled the Jersey Pride Tax Credit Act of 2026, proposes several changes aimed at promoting the state of New Jersey through economic incentives for businesses. Here’s a summary of its key provisions:

Jersey Pride Tax Credit

The bill introduces a tax credit for businesses selling products that promote New Jersey. Here are the main points regarding the tax credit:

• The tax credit is calculated as 25% of the total sales of eligible products sold to unrelated parties during the taxable year.
• An eligible product is defined as any product that helps promote the state of New Jersey.
• The credit will be integrated into the general business credit provisions of the Internal Revenue Code.
• The effective date for this tax credit will be for products sold after December 31, 2025.

Port Authority Preference

The bill also specifies that when renting commercial space, port authorities must give preference to businesses that offer eligible products. This aims to encourage retail spaces in ports to feature products that showcase or promote New Jersey.

Overall, the proposed legislation aims to support local businesses by providing financial incentives for selling New Jersey-themed products and ensuring they have access to commercial spaces in New Jersey's port authorities.

Relevant Companies

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