This bill establishes tax credits for food and drink establishments in New Jersey that purchase local ingredients and products, promoting the use of New Jersey-sourced items. Taxpayers operating restaurants, bars, breweries, and wineries can claim a credit against the corporation business tax and the New Jersey Gross Income Tax, set at 10% of the costs incurred for eligible local purchases, with a maximum limit of $10,000 per taxpayer per taxable year. To qualify for these credits, establishments must provide documentation such as receipts, proof of local production, and menus indicating the products are offered for sale.

The bill also defines key terms, including "eligible ingredients," "qualifying food establishment," and "Jersey Fresh Quality Grading Program licensee," and establishes a priority order for applying these credits. It allows for the carryforward of any unused credits to future tax periods and assigns the Director of the Division of Taxation the responsibility of adopting necessary regulations for implementation. The act is set to take effect immediately and will apply to tax periods beginning after January 1 of the year following its enactment.