New Jersey Assembly Bill A2529

New Jersey 2022-2023 Regular Session

• Introduced: 2/14/22
• Refer: 2/14/22

Caption

The New Jersey Battlefield to Boardroom Act; provides corporation business tax credits and gross income tax credits for qualified wages of certain veterans.

Impact

The act aims to stimulate the hiring of veterans by placing additional conditions on employers, such as ensuring that 25% of new hires are veterans and providing workplace support services for them. The bill mandates that credit is only available for wages paid during a specific timeframe (2018-2022), and that the veterans must remain employed for a minimum of 185 business days for the wages to qualify. This approach not only seeks to incentivize hiring but also promotes the stability of veteran employment and their integration into the civilian workforce.

Summary

Assembly Bill A2529, titled 'The New Jersey Battlefield to Boardroom Act', is focused on enhancing job opportunities for veterans through financial incentives for employers. The bill specifically provides a corporation business tax credit and gross income tax credit for employers who hire qualified veterans. The financial incentive allows employers to receive a credit equal to 10% of the wages paid to qualified veterans, subject to a cap of $1,200 per veteran per year. To qualify as a 'qualified veteran,' individuals must be New Jersey residents who were honorably discharged from military service after January 1, 1965, and employed after January 1, 2010.

Contention

There may be contention surrounding the bill’s potential for misuse, as it includes strict parameters to prevent employers from displacing existing employees to take advantage of the tax credits. If the Director of Taxation finds that this is occurring, they have the authority to deny the credits and recapture previously granted amounts with an additional penalty. This aspect reflects broader discussions about the balance between providing benefits to veterans and protecting the rights of current employees.