Bill
Bill > A5608
NJ A5608
Provides corporation business tax credits and gross income tax credits to businesses employing and retaining certain neurodiverse individuals.
summary
Introduced
05/05/2025
05/05/2025
In Committee
05/05/2025
05/05/2025
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill provides corporation business and gross income tax credits to taxpayers that employ certain neurodiverse individuals that work in qualifying STEM or artificial intelligence fields. The bill requires the Director of the Division of Vocational and Rehabilitation Services in the Department of Labor and Workforce Development to certify that an individual works in a qualifying role and is considered to be neurodiverse in accordance with guidelines to be issued by the director. The credit for wages paid to a full-time qualified neurodiverse employee increases in amount depending on the number of consecutive years in which a taxpayer pays wages to the individual, as follows: not more than $7,000 per employee in the first year of employment; not more than $8,000 per employee in the second consecutive year of employment; and not more than $9,000 per employee in the third consecutive year of employment and each consecutive year of employment thereafter. The credit amount for wages paid to a part-time employee would not exceed $4,500 per employee in any privilege period or taxable year.
AI Summary
This bill provides tax credits to businesses in New Jersey that employ neurodiverse individuals in STEM or artificial intelligence fields, with the credit amount increasing based on consecutive years of employment. Specifically, for full-time employees, businesses can claim up to $7,000 in the first year, $8,000 in the second consecutive year, and $9,000 in the third and subsequent consecutive years. Part-time employees are eligible for up to $4,500 per year. To qualify, an employee must work in a STEM or AI role, be paid at least minimum wage, and be considered neurodiverse according to guidelines established by the Director of the Division of Vocational Rehabilitation Services. Businesses must apply for certification, and the director will review applications within 90 days, issuing a written certification that does not disclose private health information. The tax credits can be applied against both corporation business taxes and gross income taxes, with any unused credits allowed to be carried forward for up to seven years. The bill aims to support employment opportunities for neurodiverse individuals by providing financial incentives to businesses that hire and retain them in technical roles.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 05/05/2025)
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/A5608 |
| BillText | https://pub.njleg.gov/Bills/2024/A6000/5608_I1.HTM |
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