Establishes manufacturing machine and metal trade apprenticeship tax credit program.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a tax credit for businesses in New Jersey that hire apprentices in manufacturing machine and metal trades. The credit is intended to encourage the development of a skilled workforce in these critical industries. Businesses that participate in registered apprenticeship programs and hire qualified apprentices will be eligible for the tax credit. This program aims to address workforce shortages and support the growth of manufacturing in the state.
Key provisions
- Provides a tax credit to employers.
- The credit is for hiring apprentices in manufacturing machine and metal trades.
- Apprentices must be enrolled in a registered apprenticeship program.
- The program is administered by the New Jersey Department of Labor and Workforce Development.
- Eligible businesses must meet specific wage and training requirements.
Who is affected
- Manufacturers
- Metalworking Companies
- Apprentices
- Employers in New Jersey
- New Jersey Department of Labor and Workforce Development
Notable changes
- Creates a new tax incentive for apprenticeship programs.
- Specifically targets manufacturing machine and metal trades apprenticeships.
Fiscal impact
The bill may impact state revenues depending on the number of businesses and apprentices participating in the program, as reflected in the Department of Labor's projections.
Bill text
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Sponsors
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1 on record
Primary sponsor
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