Bill > S499

Introduced Session

This bill provides corporation business tax and gross income tax credits for employing immediate family members of members of the Armed Forces of the United States who were killed in action. The two credits established by this bill provide an employer with a credit in the amount of ten percent of the wages paid to an immediate family member of a member of the Armed Forces of the United States who was killed in action. The credits may not exceed $1,200 per family member per tax year. For the employer to be eligible to receive the credit, the family member must be a new employee and be employed in the State full-time for no less than nine full and consecutive calendar months. The credit is nonrefundable, but may be carried forward for up to 20 tax years. The bill prohibits taxpayers from simultaneously using family members to qualify for the bill's credit and any other generally available employment incentive that comes in the form of a State tax credit or grant. The bill also empowers the Director of the Division of Taxation to recapture credit due to noncompliance. The bill schedules the credits to become available for tax years beginning on or after the January 1 first following the date of enactment.

Committee Categories

Tony Bucco (R)*,  Jim Holzapfel (R)*, 

Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 01/09/2024)

Official Document