The New Jersey Loves New Jersey Farmers Act establishes tax credits for commercial farm operators based on 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 prices, and actual receipts received by the farm operator. To qualify for these tax credits, operators must obtain a certification of price loss from the Secretary of Agriculture, requiring documentation of their actual and baseline receipts. The bill also allows for the carryforward of any unused tax credits for up to seven tax periods.

Furthermore, the bill introduces tax credit transfer certificates, enabling commercial farm operators to sell or assign their tax credits to other entities within the tax period of issuance or in the next three successive tax periods. The Secretary of Agriculture will calculate and publish monthly reference prices for New Jersey commercial farm products to assist in determining baseline receipts. Transferees can utilize these tax credit transfer certificates in the tax period they were issued or in any of the next three tax periods, and they can carry forward any unused credits for up to five additional tax periods before expiration. This provision aims to enhance the usability of tax credits, allowing transferees to maximize their benefits.