Bill > S172

This bill establishes a program administered by the Department of Labor and Workforce Development to provide tax credits to employers who offer their employees paid leave for up to two full working days to attend school-related events for their children, in addition to any legally mandated paid sick leave. The purpose of these tax credits is to help employers offset the cost of paying wages to employees during this leave. Employers can apply for these credits, which will be applied against their corporation business tax or gross income tax liability, with the credit amount equaling what the employer actually paid for this specific type of leave. This program is set to begin for taxable years starting on or after January 1, 2025, and the total value of all approved tax credits annually will not exceed $10,000,000. The bill also clarifies that employers cannot require employees to use other types of leave before utilizing this child-related event leave and defines key terms like "commissioner," "employer," and "tax year." The Director of the Division of Taxation will oversee the application of these credits against the respective taxes, with specific rules for partnerships and S corporations.

Budget and Finance, Labor and Employment

https://www.njleg.state.nj.us/bill-search/2024/S172