New Jersey S4277 provides tax credits to employers of employees under 18 to offset wage and payroll tax increases.
New Jersey S4277 establishes a program to provide tax credits to employers of employees under 18 to offset wage and payroll tax increases caused by minimum wage hikes. The program is administered by the Commissioner of Labor and Workforce Development. Employers can claim credits against corporation business tax or gross income tax. The combined value of all tax credits is capped at $10 million annually. The bill also outlines procedures for calculating credits and requires the commissioner to report to the Legislature every two years.
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