Provides corporation business and gross income tax credit for employment of persons who have experienced job loss due to automation.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill proposes a tax credit for New Jersey corporations with headquarters in the state. The credit is designed to encourage businesses to hire individuals who have lost their jobs due to automation. Corporations would receive a 10% credit of the employee’s salary and wages, up to a maximum of $2,500 per employee per year, provided the employee has been laid off due to automation and has been employed for at least seven months. The bill also clarifies the definition of ‘automation’ as a system replacing human labor.
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