ASSEMBLY ENVIRONMENT, SCIENCE AND TECHNOLOGY COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1506

STATE OF NEW JERSEY

DATED: FEBRUARY 22, 1996

      The Assembly Environment, Science and Technology Committee favorably reports Assembly Bill No. 1506.

      This bill extends for certain companies with advanced technology research expenditures in New Jersey the carryforward of the net operating loss deduction under the corporation business tax.

      Taxpayers contributing to advanced technology research in New Jersey will be able, under this bill, to carry forward their net operating loss deduction for up to 15 years instead of the seven years allowed for other taxpayers.