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.

Furthermore, the bill introduces tax credit transfer certificates, allowing farm operators to sell or assign their tax credits to other entities. Transferees can utilize these certificates in the tax period they are issued and in the following three successive tax periods, without needing to amend their tax returns. Additionally, transferees can carry forward any unused tax credits for up to five successive tax periods, after which the credits will expire. This flexibility enhances the usability of tax credits, offering more options for tax planning and liability management for both farm operators and transferees.