This bill establishes a tax credit for breweries that donate spent grain byproduct to commercial farms for agricultural or horticultural use. Specifically, it allows breweries to claim a credit of $0.12 per pound of dry weight of the donated spent grain, with a maximum credit of $30,000 per tax year. The bill defines key terms such as "brewery," "commercial farm," and "spent grain byproduct," and stipulates that the credit cannot reduce a brewery's tax liability below zero. Additionally, any unused credits can be carried forward for up to five subsequent tax years.

To claim the credit, breweries must retain detailed documentation of their donations, including the quantity and type of spent grain, the recipient farm's name, and the intended use of the byproduct. This information must be kept for a period specified by the Director of the Division of Taxation, who is also empowered to adopt necessary regulations to implement the bill. The act is set to take effect immediately and will apply to donations made on or after January 1 following its enactment.