Bill
Bill > S1672
NJ S1672
Allows credit against corporation business tax and gross income tax liability for employing persons with a developmental disability.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill allows taxpayers to claim a credit against their corporation business tax liability or gross income tax liability in the amount of 10 percent of salary and wages paid to an employee with a developmental disability. The credit is capped at $3,000 per employee, and the total credit is capped at $60,000 per taxpayer per year. The bill defines "employee with a developmental disability" as an employee of the taxpayer who has a developmental disability as defined in N.J.S.A.30:6D-25 and for who the Division of Developmental Disabilities in the Department of Human Services has declared eligible for its services. New Jersey already allows taxpayers to claim a credit for the employment of certain persons with disabilities at an occupational training center or sheltered workshop. This bill allows a credit for any type of employment, but taxpayers will be prohibited from claiming the credit allowed by this bill if in the same year they claim a credit for employment of the same employee at an occupational training center or sheltered workshop.
AI Summary
This bill allows taxpayers to claim a credit against their corporation business tax liability or gross income tax liability in the amount of 10 percent of salary and wages paid to an employee with a developmental disability. The credit is capped at $3,000 per employee, and the total credit is capped at $60,000 per taxpayer per year. An "employee with a developmental disability" is defined as an employee who has a developmental disability as defined in state law and for whom the Division of Developmental Disabilities has declared eligible for its services. Taxpayers are prohibited from claiming this credit if they claim a credit for employing the same employee at an occupational training center or sheltered workshop. The bill also authorizes the Director of the Division of Taxation to adopt rules and regulations to implement the bill's provisions.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S1672 |
| BillText | https://pub.njleg.gov/Bills/2024/S2000/1672_I1.HTM |
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