summary
Introduced
01/09/2024
01/09/2024
In Committee
02/08/2024
02/08/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 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. 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 employers for hiring certain military spouses. The tax credit, awarded by the Commissioner of Labor and Workforce Development, is available to employers who hire nonresident military spouses - spouses of active duty members of the U.S. Armed Forces who have been transferred to or are legally domiciled in New Jersey. The credit is equal to 15% of wages for employees who work at least 120 but less than 400 hours, or 25% of wages for those who work at least 400 hours, up to a maximum of $2,400 per employee per tax year. The bill also requires the Commissioner to adopt regulations and submit periodic reports on the tax credit program.
Committee Categories
Budget and Finance, Military Affairs and Security
Sponsors (4)
Last Action
Referred to Senate Budget and Appropriations Committee (on 02/08/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S1579 |
Fiscal Note - Fiscal Estimate 3/6/24; as introduced | https://pub.njleg.gov/Bills/2024/S2000/1579_E1.PDF |
Analysis - Statement SMV 2/8/24 | https://pub.njleg.gov/Bills/2024/S2000/1579_S1.PDF |
Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/S2000/1579_T1.PDF |
BillText | https://pub.njleg.gov/Bills/2024/S2000/1579_I1.HTM |
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