H.R. 8655

119 HR 8655 IH: Jersey Pride Tax Credit Act of 2026
 U.S. House of Representatives
 2026-05-04
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  2d Session  H. R. 8655  IN THE HOUSE OF REPRESENTATIVES   May 4, 2026   Mr. Gottheimer  (for himself and  Ms. Pou ) introduced the following bill; which was referred to the  Committee on Ways and Means , and in addition to the Committee on  Transportation and Infrastructure , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned   A BILL
To amend the Internal Revenue Code to create a tax credit for taxpayers selling products that promote New Jersey and to direct port authorities to give retail space preference to businesses that sell such products.
1.
Short title
This Act may be cited as the   Jersey Pride Tax Credit Act of 2026  .
2.
Jersey pride tax credit
(a)
New Jersey promotion tax credit
Subpart D of part IV of subchapter A of  chapter 1  of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
45BB.
Jersey pride tax credit
(a)
In general
For the purposes of section 38, the Jersey pride tax credit is an amount equal to 25 percent of the aggregate amount for which the taxpayer sold eligible products in the course of the trade or business of the taxpayer to unrelated parties during the taxable year.
(b)
Eligible product
In this section, the term  eligible product  means any product that promotes the State of New Jersey.
 .
(b)
Credit made part of general business credit
Section 38 of subpart D of part IV of subchapter A of  chapter 1  of the Internal Revenue Code of 1986, is amended—
(1)
by striking  plus  at the end of paragraph (40),
(2)
by striking the period at the end of paragraph (41) and inserting  , plus , and
(3)
by adding at the end the following new paragraph:
(42)
the Jersey pride tax credit determined under section 45BB.
 .
(c)
Clerical amendment
The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item:
Sec. 45BB. Jersey pride tax credit.
   .
(d)
Effective date
The amendment made by this section shall apply to products sold after December 31, 2025.
3.
Port Authority preference
In renting a commercial space to a business, a port authority (as defined in section 340.2 of title 46, Code of Federal Regulations) shall give preference to any business that sells an eligible product (as defined in  section 45BB  of the Internal Revenue Code of 1986).