Provides corporation business tax and gross income tax credits for employing immediate family members of members of the Armed Forces of the United States who were killed in action.
Impact
If enacted, S1454 will amend existing tax statutes, providing specific incentives for businesses in New Jersey that employ immediate family members of deceased service members. Employers are required to ensure that these family members are new employees and remain employed full-time for a minimum of nine consecutive months. The credits can significantly alleviate the tax burden on businesses, thereby potentially leading to increased hiring of qualified individuals from military families, enhancing their financial stability.
Summary
Senate Bill S1454 introduces corporation business tax and gross income tax credits designed to aid in the employment of immediate family members of U.S. Armed Forces members who have been killed in action. This legislative measure aims to ease the financial burden on employers by providing them a credit equivalent to ten percent of the wages paid to such family members, capped at $1,200 per family member per tax year. The bill is a formal recognition of the sacrifices made by military families and endeavors to promote their economic integration into the workforce by incentivizing employers to hire them.
Contention
The bill allows credits to be carried forward for up to 20 years, and it has provisions to prevent double-crediting, meaning that wages used to qualify for this tax incentive cannot also be counted towards other state tax credits. This aspect may generate discussions among stakeholders, particularly regarding its implications on corporate hiring practices and its effectiveness in providing genuine employment opportunities for those affected by military loss. The necessity of undergoing auditing by the Director of Taxation adds a layer of compliance, which could be a point of contention among business owners who may view this as an additional regulatory burden.
Same As
Provides corporation business tax and gross income tax credits for employing immediate family members of members of the Armed Forces of the United States who were killed in action.
Provides corporation business tax and gross income tax credits for employing immediate family members of members of the Armed Forces of the United States who were killed in action.
Provides corporation business tax and gross income tax credits for employing immediate family members of members of the Armed Forces of the United States who were killed in action.
Provides corporation business tax and gross income tax credits for employing immediate family members of members of the Armed Forces of the United States who were killed in action.
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.