summary
Introduced
01/09/2024
01/09/2024
In Committee
05/06/2024
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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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 |
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