New Jersey Senate Bill S282

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22
• Report Pass: 2/28/22
• Refer: 2/28/22

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

This legislation is significant as it integrates veteran employment into the economic fabric of New Jersey's workforce, providing a financial incentive for employers to hire veterans. It aims to facilitate smoother transitions for veterans moving from military service to civilian careers, which can often be challenging. The specific focus on requiring that a percentage of a taxpayer's new employees be qualified veterans, and mandates for workplace support services, underscores the state's commitment to enhancing veteran welfare in the job market.

Summary

Bill S282, known as 'The New Jersey Battlefield to Boardroom Act', seeks to empower veterans by providing tax credits for businesses that hire qualified veterans. The act allows a corporation business tax credit and gross income tax credit equal to 10% of qualified wages paid to veterans who meet specific criteria. The maximum credit is capped at $1,200 per qualified veteran, with the initiative aimed at promoting sustained employment for these individuals within the state of New Jersey.

Contention

Notable points of contention surrounding Bill S282 may include concerns regarding its implementation and the conditions tied to the tax credits. Critics might argue that the requirements for businesses—such as the obligations to maintain veteran employment levels and the provisions for workforce support—could pose challenges for small businesses. There may also be discussions regarding whether the defined parameters for 'qualified veterans', such as the eligibility based on their service and discharge status, appropriately reflect the diversity of veteran experiences.