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

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 1313 with committee amendments, State of New Jersey, dated May 16, 2022, reporting 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 would be equal to 15 percent of the ex-offender's wages, with a maximum of $900 per ex-offender. The bill defines a qualified ex-offender as a person convicted of a crime of the first, second, third or fourth degree in this State who is hired within one year of conviction or release from incarceration. The committee amended the bill to make a technical correction.

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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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