Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
Impact
The bill aims to improve the state's workforce by incentivizing graduates to remain and work in New Jersey, thereby reducing the brain drain that often occurs when students leave for opportunities in other states. By offering tax credits to companies that contribute to the loan fund, the bill encourages private sector investment in higher education, aligning corporate interests with regional educational outcomes. This structure not only supports students financially but also promotes job creation in sectors where these graduates are employed.
Summary
Senate Bill S809 proposes the establishment of the 'New Jersey Talent Retention Loan and Loan Redemption Program', which is designed to enhance the retention of talented students in New Jersey. The program offers financial support in the form of loans up to $10,000 per year for students attending institutions of higher education within the state, with a total cap of $40,000 for those pursuing a baccalaureate degree. The loans can be forgiven if the graduate secures employment with a participating New Jersey company within 18 months after graduation.
Contention
One notable aspect of S809 is the stipulation that students must accept employment offers from companies that contribute to the loan fund before pursuing opportunities with other employers. Critics of this provision may contend that it restricts freedom of choice for graduates and could lead to inequitable scenarios where job market pressures impact students' career decisions. Furthermore, some may argue whether tax incentives for businesses should prioritize educational funding or be used for broader economic development initiatives.
Same As
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
Carry Over
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
NJ S1032
Carry Over
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
"New Jersey Works Act"; permits businesses to apply for tax credits for establishing approved pre-employment and work readiness training programs in partnership with schools, nonprofit organizations, or educational institutions.
"New Jersey Works Act"; Permits businesses to create pre-employment training programs in partnership with nonprofit organizations or educational institutions; provides tax credit to businesses that provide financial assistance to pre-employment training programs; makes appropriation.
Establishes a pilot program in DOE to increase the length of the school day and school year and provides tax credits for corporate contributions to fund the program.
"New Jersey Works Act"; concerns businesses and pre-employment training programs; provides tax credit to businesses supporting pre-employment training programs; appropriates $3 million.
"New Jersey Works Act"; concerns businesses and pre-employment training programs; provides tax credit to businesses supporting pre-employment training programs; appropriates $1 million.
"New Jersey Student Support Act"; establishes program in Department of Treasury to provide tax credits to taxpayers contributing to organization which awards scholarships to certain nonpublic school students.
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.
Provides tax credits to companies contributing to loan and loan redemption program for residents who attend institutions of higher education in State and work at such company upon graduation.