Provides tax credits to certain employers of employees less than 18 years old.
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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 a tax credit program for New Jersey employers who hire employees under 18 years old. The program aims to offset increased employer costs, specifically related to wage increases mandated by P.L.2019, c.32, and associated payroll taxes. Employers can apply for tax credits against either the corporation business tax or the New Jersey Gross Income Tax, with a maximum annual credit limit of $10 million. The bill also establishes guidelines for calculating the credit amount and reporting requirements.
Bill text
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