New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S82

Introduced
1/9/24  
Refer
1/9/24  
Report Pass
2/8/24  

Caption

Allows corporation business tax and gross income tax credits to businesses paying a salary differential to National Guard members or reservists on active duty.

Impact

The implementation of SB 82 will amend existing tax codes, enabling businesses that employ qualified employees—particularly those who are summoned for military service—to benefit economically. By offsetting the cost of providing salary differentials, the bill aims to encourage firms to keep their workforce intact during service deployments. Proponents argue this policy not only strengthens community ties but also fosters a greater sense of duty and patriotism among employers.

Summary

Senate Bill 82 introduces provisions for tax incentives aimed at businesses that employ members of the National Guard or reservists called to active duty. Specifically, it allows corporations to claim credits against the Corporation Business Tax and the New Jersey Gross Income Tax equivalent to the average salary differential paid to these qualified employees during their active duty service. This legislation is framed as a method to support businesses maintaining their employees during military mobilization periods, thereby mitigating financial burdens that may arise from their absence.

Contention

Notable discussions surrounding SB 82 may arise from differing opinions about the equity and sustainability of offering such tax incentives. While the intention is to support businesses and service members alike, critics might express concerns regarding the fiscal implications on state revenues. Some argue that prioritizing tax benefits for businesses could inadvertently neglect the broader public sector needs. The balance between supporting military families and maintaining equitable tax practices for all businesses remains a point of potential debate.

Companion Bills

NJ S1940

Carry Over Allows corporation business tax and gross income tax credits to businesses paying a salary differential to National Guard members or reservists on active duty.

Previously Filed As

NJ S1940

Allows corporation business tax and gross income tax credits to businesses paying a salary differential to National Guard members or reservists on active duty.

NJ S1516

Allows corporation business tax and gross income tax credits to businesses employing qualified ex-offenders.

NJ S1313

Allows corporation business tax and gross income tax credits to businesses employing qualified ex-offenders.

NJ A1379

Allows corporation business tax and gross income tax credits to businesses employing qualified ex-offenders.

NJ A3279

Allows corporation business tax and gross income tax credits to businesses employing qualified ex-offenders.

NJ S1588

Allows temporary corporation business tax and gross income tax credits for businesses that provide hiring bonuses to targeted employees.

NJ S2918

Allows corporation business tax and gross income tax credits to businesses employing released nonviolent offenders.

NJ A1549

Allows corporation business tax and gross income tax credits to businesses employing released nonviolent offenders.

NJ A4575

Allows corporation business tax and gross income tax credits to businesses employing released nonviolent offenders.

NJ S2888

Allows corporation business tax and gross income tax credits to businesses employing certain persons with developmental disabilities.

Similar Bills

NJ A1850

Provides corporation business tax credits and gross income tax credits for purchase of certain hydrogen fuel cell vehicles.

NJ A3904

Provides corporation business tax credits and gross income tax credits for purchase of certain hydrogen fuel cell vehicles.

NJ S2866

Provides corporation business tax credits and gross income tax credits for purchase of certain hydrogen fuel cell vehicles.

NJ A2439

Provides credits against corporation business and gross income taxes for certain employers that invest in human capital.

NJ A1687

Provides credits against corporation business and gross income taxes for certain employers that invest in human capital.

NJ A2136

Allows corporation business tax and gross income tax credits to certain businesses providing annual physical and mental health screenings to full-time and part-time employees.

NJ S4546

Provides CBT and GIT credits to certain food and drink establishments for purchase of certain local ingredients and products.

NJ S59

Provides corporation business tax credit and gross income tax credits for purchase and installation of certain electric vehicle charging stations.