NJ S3687

Creates tax credits for New Jersey employers who hire members of the NJ National Guard or U.S. Armed Forces reserve components.

Provides a $1,500 tax credit per qualified service member employee who has not completed or returned from deployment or activation.

Provides a $2,500 tax credit per qualified service member employee who has completed or returned from deployment or activation.

Credits apply against both the corporation business tax and gross income tax, though credits cannot reduce tax liability below the statutory minimum for corporations or below zero for individuals.

Takes effect immediately upon enactment and applies to privilege periods and taxable years beginning on or after the enactment date.