Bill > A2439

Introduced Session

This bill provides credits against the corporation business and gross income taxes for qualified employers that invest in human capital by providing certain job training or work education programs to their employees. The amount of the credit is 10 percent of the amount paid by the taxpayer for human capital investment in a privilege period or taxable year, up to a maximum credit of $2,000 per employee. The bill defines "human capital investment" as amounts paid by a qualified employer for job training or work education programs offered in the State, and provided to an employee to improve the employee's job skills or knowledge, and which results in the award of an industry-recognized credential to the employee upon successful completion. "Qualified employer" is defined in the bill as a business that has less than $2,500,000 in gross receipts annually, that has been operating in the State for fewer than 10 years as of the last day of the privilege period or taxable year for which a credit pursuant to this bill is claimed, and that employs individuals in the State. The bill provides that a taxpayer may claim a credit for human capital investment made during a maximum of five privilege periods. The bill provides that the gross income tax credit when applied may not reduce the taxpayer's liability to an amount less than zero, and that the credit against the corporation business tax liability may not reduce the taxpayer's liability to an amount less than the statutory minimum. The bill would take effect immediately upon enactment and apply to privilege periods and taxable years commencing on or after the January 1 following enactment.

AI Summary

Committee Categories

Annette Quijano (D)*, 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document