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Bill > S82
NJ S82
NJ S82Allows corporation business tax and gross income tax credits to businesses paying a salary differential to National Guard members or reservists on active duty.
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 for corporation business tax and gross income tax credits to businesses that have employees who are also members of the National Guard or a reserve component of the Armed Forces of the United States and receive mobilization orders for active duty service. The amount of credit shall be equal to the amount of salary paid by the business that makes up the difference between the employee's regular pay and the employee's military pay.
AI Summary
This bill provides tax credits to businesses in New Jersey that pay salary differentials to employees who are members of the National Guard or a reserve component of the Armed Forces and are called to active duty. The credit amount is equal to the difference between the employee's regular salary and their military pay during the active duty period. This credit can be applied against the corporation business tax or the gross income tax, but is subject to certain limitations and carryover provisions.
Committee Categories
Budget and Finance, Military Affairs and Security
Sponsors (3)
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 |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S82 |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/S0500/82_T1.PDF |
| Analysis - Statement SMV 2/8/24 | https://pub.njleg.gov/Bills/2024/S0500/82_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S0500/82_I1.HTM |
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