The New Jersey Loves New Jersey Farmers Act is designed to provide financial relief to commercial farm operators through corporation business tax credits and gross income tax credits that correspond to the price loss of New Jersey commercial farm products. "Price loss" is defined as the difference between baseline receipts, which reflect expected revenue based on market conditions, and actual receipts received by the farm operator. 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 unused tax credits to be carried forward for up to seven tax periods and includes provisions for tax credit transfer certificates, enabling operators to sell or assign their credits to other taxpayers.

The bill outlines the application process for obtaining price loss certification, requiring operators to submit necessary business records to the Secretary of Agriculture. It specifies that tax credits cannot be claimed for costs already included in other tax credits or exemptions. Additionally, the bill allows transferees to utilize a tax credit transfer certificate in the tax period it was issued and in the following three successive tax periods, providing flexibility in managing tax liabilities. Transferees can also carry forward any unused tax credits for use in the next five successive tax periods before they expire. The act aims to support the agricultural sector in New Jersey by helping commercial farm operators recover from financial losses due to market fluctuations, promoting the sustainability of local farming operations. It will take effect immediately and apply to tax periods beginning on or after January 1 of the year following its enactment.