Provides employers with various tax incentives for hiring persons with disabilities under insurance premiums tax, corporation business tax and gross income tax.
Impact
The bill designates the Division of Vocational Rehabilitation Services within the New Jersey Department of Labor and Workforce Development as the lead agency to administer the certification process for qualified employees. Such certification is pivotal as it confirms a person's disability according to the standards established by the Americans with Disabilities Act (ADA) of 1990. This systematic approach ensures that tax incentives are targeted and effectively monitored, promoting inclusivity in the workforce.
Summary
Senate Bill No. 2342, introduced in New Jersey, aims to provide employers with tax incentives for hiring persons with disabilities. Specifically, it supplements the existing insurance premiums tax, corporation business tax, and gross income tax by allowing certain credits for employers who hire qualified individuals with disabilities. This initiative seeks to encourage employment among individuals with disabilities by lowering the financial burden on employers through tax relief.
Contention
One notable aspect of S2342 includes the framework for tax credits available to employers. These credits cover a percentage of wages paid to qualified employees in their first two years of employment, transportation expenses, and costs associated with making workplaces more accessible. However, there may be concerns regarding the operationalization of these tax incentives, particularly how effectively they can be implemented and whether they will lead to significant increases in employment rates among individuals with disabilities.
Same As
Provides employers with various tax incentives for hiring persons with disabilities under insurance premiums tax, corporation business tax and gross income tax.
Provides employers with various tax incentives for hiring persons with disabilities under insurance premiums tax, corporation business tax and gross income tax.
Provides employers with various tax incentives for hiring persons with disabilities under insurance premiums tax, corporation business tax and gross income tax.
Provides employers with various tax incentives for hiring persons with disabilities under insurance premiums tax, corporation business tax and gross income tax.
Provides employers with various tax incentives for hiring persons with disabilities under insurance premiums tax, corporation business tax and gross income tax.
Provides employers with various tax incentives for hiring persons with disabilities under insurance premiums tax, corporation business tax and gross income tax.
Provides employers with various tax incentives for hiring persons with disabilities under insurance premiums tax, corporation business tax and gross income tax.