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NJ S1837
Bill
Status
1/9/2024
Primary Sponsor
Parker Space
Click for details
AI Summary
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Employers subject to New Jersey Corporation Business Tax (CBT) or Gross Income Tax (GIT) may claim a tax credit equal to 50% of qualifying child care expenses, up to $100,000 per taxpayer per year.
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Qualifying expenses include acquisition, construction, or renovation of child care facilities; maintenance and operation of on-site child care centers; payments to contracted child care providers; and subsidies to employees for child care at licensed facilities.
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The total combined value of all credits under this program is capped at $10 million statewide per tax year, with applications reviewed on a rolling basis by the Commissioner of Labor and Workforce Development.
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Tax credits may be carried forward for up to seven years if unused, and employers may sell tax credit transfer certificates to other taxpayers for at least 75% of the credit value.
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The Commissioner of Labor and Workforce Development must conduct annual evaluations assessing program impact on child care availability and employee satisfaction, and submit reports to the Governor and Legislature.
Legislative Description
Requires eligibility checklist and audit for enrollment in PERS of certain public employees who provide professional services; imposes fine on certifying officer or supervisor for ineligible enrollments.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/9/2024