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Senate Commerce Committee Statement to Senate, No. 1162 (October 22, 2020)

Summary

A statement of the Senate Commerce Committee to the Senate on Senate Bill No. 1162 of the State of New Jersey, dated October 22, 2020. The committee reports the bill favorably. The bill allows corporation business tax and gross income tax credits to businesses that employ qualified ex-offenders. Each credit would equal 15 percent of the wages paid to the ex-offender, with a maximum of $900 per ex-offender. The statement says the credits are modeled on the federal Work Opportunity Tax Credit (WOTC), under which employers may claim a credit of up to 40 percent of the first $6,000 earned by the employee, or $2,400.

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“Senate Commerce Committee Statement to Senate, No. 1162 (October 22, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-10-22-scm-s1162-s1-959b7b0054/, SHA-256 550f944c1169ab44264eecd319fc0bb69110109ba7327c80bf42db911375e07e.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 1162

 STATE OF NEW JERSEY
                   DATED: OCTOBER 22, 2020

   The Senate Commerce Committee reports favorably Senate Bill
No. 1162.
   This bill allows corporation business tax and gross income tax
credits to businesses that employ qualified ex-offenders. The
amount of each credit would be equal to 15 percent of the wages
paid to the ex-offender with a maximum of $900 per ex-offender.
   A qualified ex-offender is defined in the bill as a person who: (1)
has been convicted of a crime of the first, second, third or fourth
degree in this State; and (2) has been hired within one year of the
date of conviction or release from incarceration.
   These State tax credits are modeled on the federal Work
Opportunity Tax Credit (WOTC), which encourages employers to
hire targeted groups of employees, including ex-felons. Under the
federal WOTC, employers may claim a federal tax credit of up to
40 percent of the first $6,000 earned by the employee, or $2,400.

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