New Jersey S1059 provides tax credits for businesses paying salary differentials to National Guard members or reservists on active duty.
New Jersey S1059 allows corporation business tax and gross income tax credits to businesses that pay a salary differential to employees who are also National Guard members or reservists on active duty. The credit amount equals the difference between the employee's regular pay and military pay. Credits cannot exceed 50% of the taxpayer's liability for tax for the taxable year. The act applies to privilege periods and taxable years beginning after its enactment.
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