Allows corporation business tax and gross income tax credits to businesses paying a salary differential to National Guard members or reservists on active duty.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill creates tax credits for New Jersey businesses that pay a higher salary to National Guard members or reservists while they are on active duty. Businesses can receive a credit against their corporate business tax and New Jersey gross income tax for the additional pay given to these employees. The credits are capped at 50% of the tax liability and can be carried over to future periods if not fully used.
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- Third Reading Reprint
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