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Senate Commerce Committee Statement to Senate, No. 1313 (State of New Jersey, May 16, 2022)

Summary

This is a Senate Commerce Committee statement to the New Jersey Senate on Senate Bill No. 1313, with committee amendments, dated May 16, 2022. The committee reports the bill favorably. As amended, the bill allows corporation business tax and gross income tax credits to businesses that employ qualified ex-offenders. Each credit equals 15 percent of the wages paid to the ex-offender, with a maximum of $900 per ex-offender. The statement says the state credits are modeled on the federal Work Opportunity Tax Credit, under which employers may claim up to 40 percent of the first $6,000 earned, or $2,400. The committee amendment was a technical correction.

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“Senate Commerce Committee Statement to Senate, No. 1313 (State of New Jersey, May 16, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-05-16-scm-s1313-s1-9b1b8bc2c2/, SHA-256 1e5afab03405bc5c13892fa778cc005b8c83b8f60aee4558c9170cecc5d9932f.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 1313
                  with committee amendments



 STATE OF NEW JERSEY
                      DATED: MAY 16, 2022

   The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 1313.
   As amended, 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.

COMMITTEE AMENDMENTS
  The committee amended the bill to make a technical correction.

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