This New Jersey bill (S 1667) provides tax credits to businesses that hire and retain neurodiverse employees in qualifying STEM/AI roles. Businesses receive credits of $7,000-$9,000 per full-time employee (increasing with consecutive years of employment) or $4,500 for part-time employees, subject to a $10 million annual cap. To qualify, employees must work in approved STEM/AI fields at minimum wage and be certified as neurodiverse under state guidelines. The credits reduce corporate business tax liability, with unused credits potentially carried forward for up to seven years.
New Jersey's S 1204 creates tax credits for businesses hiring veterans. Companies can claim up to $1,200 per qualified veteran annually (10% of their wages) if they hire at least 25% veterans among new employees, maintain 50% retention of previously hired veterans, and provide workplace veteran support services. The credit applies to wages paid between 2020-2024 for both corporation business tax and gross income tax. It directly affects New Jersey businesses and veterans who are honorably discharged post-1965 with proof of service (e.g., DD-214 form). The bill does not cover wages already used for other state tax credits or grants.
S 860 provides New Jersey corporations a 20% tax credit for costs of new manufacturing equipment and facility renovations, modernizations, or expansions at eligible manufacturing sites within the state. It directly affects businesses operating in New Jersey that qualify as "manufacturing facilities" (defined as locations where over 50% of property is manufacturing equipment). The credit applies to equipment used in producing taxable goods and facility upgrades, with unused credits carryable forward for up to seven years. The bill excludes these investments from other tax credits like the New Jobs Investment Credit and limits the total credit to 50% of tax liability.
S 2215 creates a three-year pilot program in New Jersey that allows commercial farms to claim tax credits for donating edible fruits and vegetables to qualified charities. Farms can receive a credit equal to 50% of the wholesale value of their donations (capped at $5,000 per donation period), provided they obtain written verification from the charity detailing the donation. The program is limited to $100,000 in total tax credits per fiscal year and requires farms to submit charity verification forms to the Department of Agriculture for approval. This directly affects commercial farm operators in New Jersey who donate surplus produce to eligible charities, offering a financial incentive to reduce food waste while supporting community food programs.
This bill provides New Jersey businesses with tax credits for hiring disabled veterans. Specifically, businesses receive a 15% credit (capped at $1,800 per veteran) on qualified wages paid to disabled veterans with a 30%+ VA disability rating who are hired after the bill's enactment and employed for at least 185 business days. The credit applies to wages paid between 2023 and 2026 for both corporation business tax and individual gross income tax. Businesses cannot claim this credit if the same wages are used for other state tax credits, and they must avoid displacing other employees solely to access the benefit.
This bill allows small New Jersey businesses with fewer than 20 employees to claim tax credits when they pay for their workers' health insurance premiums. Employers get up to $250 per employee for single coverage or $500 for family coverage if they pay 100% of the premium, with proportional credits for partial payments (50-99%). The health plan must meet federal Affordable Care Act standards for essential benefits. Credits cannot exceed the actual premiums paid and expire after the tax year - no carryover to future years. It applies to both corporate business tax and gross income tax credits.
This bill links changes to New Jersey's petroleum products tax rate to concurrent increases in other state taxes. If the legislature raises sales or use tax rates, the bill requires a corresponding reduction in the petroleum products gross receipts tax rate, calculated based on the revenue impact of the new sales tax. The revenues generated from the increased sales tax rates must be dedicated exclusively to the state's "Transportation Trust Fund Account." It directly affects petroleum companies (refiners/distributors) and state transportation funding, creating a mechanism to offset tax increases on consumers with lower taxes on fuel. The bill does not change current tax rates but establishes a conditional adjustment process tied to legislative action.
S 3214 creates the "New Jersey Earn and Learn Program" to provide tax credits for employers offering structured apprenticeships and paid internships that lead to permanent jobs. Employers receive a $3,000 tax credit per enrolled individual (apprentice or intern) for the first year, with an additional $1,000 available for small businesses, for enrollees from underrepresented groups, or if the enrollee secures full-time employment after completing the program. The program requires participants to maintain full-time employment for six months post-program and limits participation to three years per individual. These tax credits reduce the employer's corporation business tax or gross income tax.
This bill provides New Jersey corporations with a tax credit equal to 15% of wages paid to qualified community health workers (up to $2,500 per worker) for both corporation business tax and gross income tax. To qualify, employers must apply to the Commissioner of Health for certification that an employee meets specific criteria: working at least 10 hours weekly, completing a state-approved training program, and not being an independent contractor. The credit is limited to 50% of tax liability per year and may be carried forward if unused. It directly affects New Jersey businesses hiring community health workers - professionals who connect underserved communities to healthcare resources and educate providers about access barriers.
This bill changes New Jersey tax rules for businesses regarding punitive damages. It prevents corporations and business owners from deducting punitive damages paid in legal settlements or judgments as a business expense. Instead, the amount paid (or covered by insurance) must be included in the business's taxable income. The law applies to both the corporation business tax and gross income tax for taxable years starting after its effective date.
