Bill > S4120

This bill establishes tax credits for businesses in New Jersey that employ and retain neurodiverse individuals in science, technology, engineering, math (STEM), or artificial intelligence roles. The bill provides tiered tax credits for both corporations and individual taxpayers, with increasing credit amounts for consecutive years of employing the same qualified neurodiverse employee. For full-time employees, businesses can claim $7,000 in the first year, $8,000 in the second year, and $9,000 in the third and subsequent years. Part-time employees qualify for a $4,500 credit per year. To claim the credit, employers must apply to the Director of the Division of Vocational Rehabilitation Services for certification, who will verify that the employee meets specific criteria: being paid at least minimum wage, working in a qualifying STEM or AI role (excluding independent contractors), and being classified as neurodiverse according to guidelines developed jointly by the vocational rehabilitation and developmental disabilities divisions. The total value of these tax credits is capped at $10 million per calendar year, and credits that cannot be fully utilized in a given year can be carried forward for up to seven years. The bill aims to incentivize businesses to hire and retain neurodiverse workers by providing financial benefits and promoting inclusive employment practices.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S4120