“New Jobs For New Jersey Act” Would Provide Tax Benefits To Smaller Private Employers Hiring Unemployed Workers

On January 6, 2014, the Senate introduced a bill (S153) that would provide incentives to small private sector employers that increase their workforce by hiring unemployed workers. Under the legislation, employers with 100 or fewer full-time employees that meet certain requirements would be eligible for a refundable tax credit against the corporation business tax or the gross income tax (whichever applies to the employer) for each eligible individual employed by the employer in this state on a full-time basis during a tax year. A previous version of this bill (S2211, covered in our March 2013 issue) was conditionally vetoed by Governor Chris Christie on April 15, 2013.

Note: This article was published in the February 2014 issue of the New Jersey eAuthority.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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