The New Jersey Loves New Jersey Farmers Act establishes tax credits for commercial farm operators based on the price loss of their products, defined as the difference between expected and actual revenue. To qualify for these credits, operators must obtain a certification of price loss from the Secretary of Agriculture, who will also publish monthly reference prices for various farm products. The act allows for the carryforward of any unused tax credits for up to seven tax periods, providing financial relief to farmers facing price losses and promoting the sustainability of local agriculture.

Additionally, the bill introduces tax credit transfer certificates, allowing farm operators to sell or assign their credits to other entities within the tax period of issuance or the following three periods. Transferees can utilize these certificates in the tax period they were issued and carry forward any unused credits for up to five successive tax periods, after which the credits will expire. This flexibility enhances the usability of tax credits for transferees, aiding in tax planning and liability management.