This bill proposes tax credits for taxpayers who own or operate breweries and wineries in New Jersey, allowing them to receive credits against both the corporation business tax and the New Jersey Gross Income Tax. The credits would be equal to the amount spent on Jersey Fresh products purchased from licensed vendors for use in beer or wine production, with a maximum credit value of $10,000. To qualify, taxpayers must provide receipts, documentation from the Department of Agriculture, and a signed affidavit confirming the intended use of the purchased commodities.

Additionally, the bill outlines the process for applying these credits, including stipulations on how they can be carried forward if not fully utilized within the applicable tax periods. It also specifies that partnerships and New Jersey S Corporations cannot claim the credit directly but can allocate it based on their distributive shares. The Director of the Division of Taxation is tasked with adopting necessary regulations to implement the provisions of the bill, which would take effect immediately for taxable years beginning after its enactment.