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Bill > S2871
NJ S2871
NJ S2871Allows corporation business tax and gross income tax credits to businesses paying a salary differential to National Guard members or reservists on active duty.
summary
Introduced
12/19/2016
12/19/2016
In Committee
12/19/2016
12/19/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill provides for corporation business tax and gross income tax credits to businesses that have employees who are also members of the National Guard or a reserve component of the Armed Forces of the United States and receive mobilization orders for active duty service. The amount of credit shall be equal to the amount of salary paid by the business that makes up the difference between the employee's regular pay and the employee's military pay.
AI Summary
This bill provides corporation business tax and gross income tax credits to businesses that have employees who are also members of the National Guard or a reserve component of the Armed Forces. The credit amount is equal to the salary paid by the business that makes up the difference between the employee's regular pay and their military pay while on active duty. The credits are capped at 50% of the business's tax liability and may be carried over for up to seven years if the full credit cannot be claimed in a single year.
Committee Categories
Military Affairs and Security
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 12/19/2016)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/S3000/2871_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/S3000/2871_I1.PDF |
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