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NJ S509

NJ S509
Provides tax credits for hiring certain military spouses.


summary

Introduced
01/11/2022
In Committee
02/28/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

This bill provides tax credits, to be awarded by the Commissioner of Labor and Workforce Development, for the hiring of certain military spouses. Under the bill, an employer may claim a tax credit for hiring an employee who is a nonresident of this State and is the spouse of an active duty member of the Armed Forces of the United States who has been transferred to this State in the course of the member's service, is legally domiciled in this State, or has moved to this State on a permanent change-of-station basis. The final amount of the tax credit provided to an employer for hiring a nonresident military spouse employee is to equal: (1) for a nonresident military spouse employee who works for an employer for at least 120 hours but less than 400 hours in a taxable year or privilege period, 15 percent of the wages provided by the employer to the nonresident military spouse employee; or (2) for a nonresident military spouse employee who works for an employer for at least 400 hours in a taxable year or privilege period, 25 percent of the wages provided by the employer to the military spouse employee; or The bill limits the final amount of a tax credit for hiring a nonresident military spouse employee to $2,400 in a tax year.

AI Summary

This bill provides tax credits to be awarded by the Commissioner of Labor and Workforce Development for the hiring of certain military spouses. An employer can claim a tax credit for hiring a nonresident employee who is the spouse of an active duty member of the Armed Forces who has been transferred to or is legally domiciled in New Jersey. The tax credit amount is 15% of wages for employees working at least 120 hours but less than 400 hours, or 25% of wages for employees working at least 400 hours, up to a maximum of $2,400 per employee per year. The Commissioner is required to adopt regulations to implement the program and to prepare periodic reports on the tax credits awarded.

Committee Categories

Budget and Finance, Military Affairs and Security

Sponsors (3)

Last Action

Referred to Senate Budget and Appropriations Committee (on 02/28/2022)

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