Bill > A2183

This bill, known as The New Jersey Battlefield to Boardroom Act, establishes tax credits for businesses that hire and retain qualified veterans. For privilege periods (taxable periods for corporations) and taxable years (taxable periods for individuals) between January 1, 2014, and January 1, 2017, businesses can receive a credit equal to 10% of the "qualified wages" paid to a "qualified veteran" who has been employed for at least 185 business days, with a maximum credit of $1,200 per veteran per year. A "qualified veteran" is defined as a New Jersey resident, honorably discharged from active service after January 1, 1990, and hired by the taxpayer after January 1, 2007. "Qualified wages" are salaries and remuneration subject to New Jersey's Gross Income Tax. To qualify for these credits, businesses must ensure that 25% of their new hires are qualified veterans, retain 50% of previously hired qualified veterans in subsequent years, provide accessible veteran support services, actively recruit veterans and their families, support veteran organizations, and comply with federal employment rights for service members, offering additional benefits beyond those mandated. The bill also outlines rules for applying these credits, including limitations on how much they can reduce tax liability and provisions for carrying forward unused credits for up to seven years, while preventing double-dipping with other state tax credits or grants. Furthermore, it includes penalties for businesses found to be displacing existing employees solely to hire veterans for the tax credit.