This New Jersey bill (S 476) creates a tax credit for businesses with headquarters in the state that hire workers who lost jobs due to automation. It provides a credit equal to 10% of the salary paid to each qualifying employee (capped at $2,500 per employee per year), provided the business employs them for at least seven months. To qualify, the employee must have previously been laid off because their job was replaced by automation - defined as systems that perform tasks without continuous human input. The credit applies to both corporation business tax and gross income tax, directly benefiting affected workers and incentivizing NJ-based employers to hire them.
S 927, the "Grown Here, Eaten Here Act," would provide New Jersey businesses with a tax credit if enacted. Qualifying food establishments - including restaurants, food manufacturers, and certain breweries - could claim a 10% credit against their state business or income taxes for costs paid to purchase locally grown fruits, vegetables, or other ingredients produced within New Jersey. The credit is limited to 50% of the taxpayer’s total tax liability for the year and can be carried forward for up to 20 years if unused. The bill requires the state tax and agriculture departments to create rules for administering the program.
This bill prohibits property taxpayers from appealing assessments or exemptions related to financial agreements between other taxpayers and local governments (such as tax abatements). It restricts appeals to only a taxpayer's own property, ending the ability to challenge assessments on neighboring properties or those tied to specific agreements. The bill does not affect local governments' right to appeal assessments on any property. Key changes include banning third-party appeals under the "Long Term Tax Exemption Law" and limiting appeals to one's own property valuation. This aims to reduce costly, complex appeals that create uncertainty in local government budgets.
This New Jersey bill (S 1360) creates tax credits for residents and employers who pay student loans used for higher education expenses. Qualified taxpayers (New Jersey residents with associate’s, bachelor’s, or graduate degrees in STEM fields who worked in the state) can claim a credit against their state income tax equal to a portion of their student loan payments, based on a federal benchmark. Employers can also claim a credit for paying employees’ eligible student loans (100% for full-time, 50% for part-time), with unused credits carried forward up to seven years. The bill specifically targets STEM graduates and aims to reduce student debt burden through state tax incentives.
This bill exempts book sales at school book fairs from New Jersey's sales and use tax. It directly affects elementary and secondary schools holding book fairs where books are sold exclusively to students and their parents or guardians. The law defines a "school book fair" as events held at these schools with limited sales to the school community. The exemption would take effect four months after the bill is enacted.
This bill creates a 10% tax credit against New Jersey business income taxes for developers who build or rehabilitate rental housing exclusively reserved for veterans. The credit covers 10% of "approved costs" (including land, construction, materials, and labor) for qualifying projects, with a maximum annual credit of $5 million statewide. Developers must reserve all units for veterans for at least 15 years and apply for state approval through the Department of Community Affairs. The policy directly affects developers of new or rehabilitated rental properties meeting specific veteran-occupancy requirements.
S 483 creates a $100,000 grant program to help nonprofit organizations teach financial literacy. The Commissioner of Banking and Insurance will award grants of up to $5,000 each to 501(c)(3) nonprofits focused on financial counseling or education. These grants fund classes covering budgeting, credit management, loans, and investing, specifically for high school, college, and adult education settings. The program expires after one year or once all $100,000 is spent.
This bill creates a New Jersey gross income tax deduction for state fuel taxes paid on motor fuel used for personal vehicle operation. It allows single, married, or head-of-household filers to deduct these taxes from their taxable income, capped at $1,000 for 2021 and $2,000 for subsequent years. The deduction excludes amounts reimbursed by employers or claimed as business expenses elsewhere. It applies to all income levels and filing statuses, directly benefiting New Jersey residents who pay state fuel taxes for personal driving.
This bill adjusts New Jersey's income tax rates for married couples filing jointly (and similar filers like heads of household), primarily by increasing the tax-free threshold. Starting in 2022, the lowest tax bracket applies to taxable income under $40,000 (up from $20,000), meaning married couples earning under this amount pay 1.4% on all income instead of a phased rate. The bill also updates rates for higher income brackets but focuses on reducing the tax burden for middle-income married couples, which is the basis for its "Marriage Penalty Elimination" designation.
This bill provides two annual cost-of-living adjustments (COLAs) to retired police and fire personnel and their beneficiaries (surviving spouses, children, or other designated recipients) who receive monthly payments from New Jersey’s Police and Firemen’s Retirement System (PFRS). Eligibility is limited to those whose original monthly benefit was at or below 450% of the federal poverty level for a single person (approximately $61,155 annually in 2022). The adjustment amount is calculated using a formula based on the regional Consumer Price Index, capped between 1% and 3% of the index, and paid on January 1 of the year after the bill’s effective date and the following year. The state would appropriate funds from the General Fund to cover these increases, with no impact on those receiving benefits above the eligibility threshold.
