A 3616
Provides corporation business tax credits and gross income tax credits to small business employers and farm employers for increases in certain mandatory employer contributions.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill provides tax credits to small business and farm employers in New Jersey to offset increases in mandatory employer contributions for workers’ compensation insurance, New Jersey Temporary Disability Insurance, and Unemployment Insurance. It offers both corporation business tax (CBT) credits and gross income tax (GIT) credits, with a maximum annual credit of $12,000 per employer. The credits are available for employers meeting specific employee and revenue criteria and are phased in between January 1, 2020, and January 1, 2030.
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