This bill establishes a pilot program that offers tax credits against the corporation business tax and gross income tax for commercial farm operators who donate fruits and vegetables fit for human consumption to charitable organizations in New Jersey. The tax credit is set at 50 percent of the wholesale value of the donated produce, with a cap of $5,000 per tax period. To claim the credit, farm operators must obtain a written statement from the charitable organization detailing the donation, including the variety, grade, quantity, and wholesale value of the fruits or vegetables. If the credit cannot be fully utilized in a given tax period, it can be carried forward for up to five subsequent periods.

Additionally, the bill mandates the Secretary of Agriculture, in collaboration with the Director of the Division of Taxation, to prepare an annual report on the utilization of these tax credits, starting the year after the credits are first claimed. This report will include data on the number of taxpayers claiming credits, the total value of credits, and the wholesale value of donated produce, among other details. The bill also stipulates that the total value of tax credits awarded cannot exceed $100,000 in any fiscal year.