NJ S2007

Creates the Recovery Tax Credit Program administered by the Division of Mental Health and Addiction Services to provide tax incentives for hiring individuals in recovery from substance use disorder

Allocates up to $2,000,000 in tax credits annually beginning January 1, 2023, applicable against Corporation Business Tax or Gross Income Tax

Employers receive $1 per hour worked by eligible individuals, with a minimum of 500 hours required and a maximum credit of $2,000 per eligible employee

Certified employers must provide employer-sponsored health insurance meeting minimum essential coverage requirements and maintain a formal relationship with a local recovery or treatment provider

Tax credits cannot exceed 50% of the taxpayer's liability and unused credits may be carried forward for seven years; if total claims exceed the $2,000,000 allocation, credits are distributed pro rata among employers