The "Saving Our Diners and Protecting Our Past Act" is designed to support historic diners and restaurants in New Jersey by offering them a sales and use tax exemption, as well as tax credits for corporation business and gross income taxes. To qualify as a "historic diner," an establishment must have been in continuous operation for at least 25 years, be classified as a small business, and adhere to health and safety regulations. The bill establishes a registry for these historic diners and restaurants, which will be managed by the Director of the Division of Travel and Tourism, who will oversee the application process and issue necessary tax exemption and credit certificates.

Key features of the bill include a sales tax exemption for prepared food and beverages sold for on-site consumption at registered establishments for a 12-month period following the issuance of the exemption certificate. Additionally, it introduces a tax credit equal to 10% of the costs incurred for purchasing eligible ingredients, capped at $25,000 per taxpayer per privilege period. The bill also allows for the transfer of tax credits, enabling taxpayers to sell or assign their credits to others. The act is set to take effect immediately, with tax benefits applicable to privilege periods and taxable years beginning after January 1 of the year following its enactment.

Statutes affected:
Introduced: 54:32B-3