The "New Jersey Loves New Jersey Farmers Act" is designed to support commercial farm operators by providing them with corporation business tax credits and gross income tax credits that correspond to the price loss of their products. A commercial farm operator is defined as the individual or entity managing the daily operations of a farm, with price loss calculated as the difference between expected revenue based on market prices and actual sales revenue. To qualify for these tax credits, operators must receive certification of their price loss from the Secretary of Agriculture, who will also set the monthly reference prices for the products.

The bill introduces provisions for the transfer of tax credits through a tax credit transfer certificate, allowing operators to sell or assign their credits to other taxpayers within the same tax period or in subsequent periods. Transferees can utilize the tax credit transfer certificate in the period it was issued and in the following three tax periods, without needing to amend prior tax returns. Additionally, any unused tax credits can be carried forward for up to five successive tax periods before expiring, enhancing the flexibility and usability of tax credits for both operators and transferees. The act is set to take effect immediately and will apply to tax periods beginning on or after January 1 of the year following its enactment.