Bill

Bill > A1471


NJ A1471

NJ A1471
Provides tax credits for hiring certain military spouses.


summary

Introduced
01/09/2024
In Committee
05/06/2024
Crossed Over
Passed
Dead

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill provides tax credits, to be awarded by the Commissioner of Labor and Workforce Development, for the hiring of certain military spouses. Under the bill, an employer may claim a tax credit for hiring an employee who is a nonresident of this State and is the spouse of an active duty member of the Armed Forces of the United States who has been transferred to this State in the course of the member's service, is legally domiciled in this State, or has moved to this State on a permanent change-of-station basis. The final amount of the tax credit provided to an employer for hiring a nonresident military spouse employee is to equal: (1) for a nonresident military spouse employee who works for an employer for at least 120 hours but less than 400 hours in a taxable year or privilege period, 15 percent of the wages provided by the employer to the nonresident military spouse employee; or (2) for a nonresident military spouse employee who works for an employer for at least 400 hours in a taxable year or privilege period, 25 percent of the wages provided by the employer to the military spouse employee; or The bill limits the final amount of a tax credit for hiring a nonresident military spouse employee to $2,400 in a tax year.

AI Summary

This bill provides tax credits, to be awarded by the Commissioner of Labor and Workforce Development, for the hiring of certain military spouses. Employers may claim a tax credit for hiring a nonresident employee who is the spouse of an active duty member of the Armed Forces of the United States that has been transferred to or is legally domiciled in New Jersey. The tax credit amount is 15% of wages for employees working at least 120 hours but less than 400 hours, or 25% of wages for employees working at least 400 hours, up to a maximum of $2,400 per year. The bill requires the Commissioner to adopt regulations and submit periodic reports on the tax credits awarded.

Committee Categories

Budget and Finance, Military Affairs and Security

Sponsors (2)

Last Action

Reported and Referred to Assembly Appropriations Committee (on 05/06/2024)

bill text


bill summary

Loading...

bill summary

Loading...

bill summary

Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/A1471
Analysis - Statement AMV 5/6/24 https://pub.njleg.gov/Bills/2024/A1500/1471_S1.PDF
Analysis - Technical Review Of Prefiled Bill https://pub.njleg.gov/Bills/2024/A1500/1471_T1.PDF
BillText https://pub.njleg.gov/Bills/2024/A1500/1471_I1.HTM
Loading...