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Bill > A2741
NJ A2741
NJ A2741Allows tax credits for employing members of NJ National Guard and members of reserve component of US Armed Forces.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill allows a corporation business tax credit or a gross income tax credit for employing members of the New Jersey National Guard or the reserve component of the Armed Forces of the United States. The credit amount is: $1,500 for each member who is employed by the taxpayer and who has not completed or returned from a deployment or activation; and $2,500 for each member who is employed by the taxpayer and who has completed or returned from a deployment or activation.
AI Summary
This bill allows a corporation business tax credit or a gross income tax credit for employing members of the New Jersey National Guard or the reserve component of the Armed Forces of the United States. The credit amount is $1,500 for each member who has not completed or returned from a deployment or activation, and $2,500 for each member who has completed or returned from a deployment or activation. The bill also authorizes the Director of the Division of Taxation to adopt rules and regulations necessary to implement the act, including documentation and verification requirements for the tax credit.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture 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/A2741 |
| BillText | https://pub.njleg.gov/Bills/2024/A3000/2741_I1.HTM |
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