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. The bill defines a commercial farm operator as the entity responsible for the daily operations of a farm and establishes that price loss is determined by comparing baseline receipts, based on a monthly reference price, to actual sales receipts. 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.

Furthermore, 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 or subsequent tax periods. The transferee can utilize the tax credit 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 they expire, enhancing the flexibility and usability of these credits for both operators and transferees. The act is set to take effect immediately and will apply to tax periods starting on or after January 1 of the year following its enactment.