New Jersey A5616 provides tax credits to small businesses for hiring and retaining certain residents.

New Jersey A5616, known as the "Hire Jersey Act," offers corporation business tax and gross income tax credits to small businesses for hiring and retaining certain New Jersey residents. Eligible employees include those who reside in the state and are employed full-time for at least 12 months. The tax credit amount varies based on the employee's status, with a maximum of $5,000 for those paid at least 125 percent of the local median wage. The total credit per business is capped at $50,000 per taxable year.

New Jersey A5616 provides tax credits to small businesses for hiring and retaining certain residents.

New Jersey A5616, known as the "Hire Jersey Act," offers corporation business tax and gross income tax credits to small businesses for hiring and retaining certain New Jersey residents. Eligible employees include those who reside in the state and are employed full-time for at least 12 months. The tax credit amount varies based on the employee's status, with a maximum of $5,000 for those paid at least 125 percent of the local median wage. The total credit per business is capped at $50,000 per taxable year.