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 corporation business and gross income tax credits. The bill defines "historic diner" and "historic restaurant" as establishments that have been in continuous operation for at least 25 years, comply with health and safety regulations, and meet specific criteria regarding small business status and ownership. The Division of Travel and Tourism will maintain an annual registry of these establishments, which will include their location and history, and will solicit applications for inclusion.

Eligible diners and restaurants will receive a sales tax exemption certificate, allowing them to exempt sales of prepared food and beverages for on-site consumption from sales and use tax for a 12-month period. They will also qualify for 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 allows for the transfer of these tax credits, enabling taxpayers to sell or assign their credits to others, which can be applied against tax liabilities. 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