June 7, 2017 | Number of The Day
Tax credit for companies that hire qualified veterans

New Jersey Career Connections has a service set up to help veterans in the Garden State find a job. And there are several commercial programs, like We Hire Heroes, set up to do the same thing.

Now an Assembly bill (A-305) could help encourage employers to hire vets, by offering a $1,200 business tax credit and gross income-tax credit for qualified wages of each veteran hired by a company. The two credits established by this bill would provide an employer with a credit in the amount of 10 percent of the wages paid to a veteran —up to $1,200 per year.

“The New Jersey Battlefield to Boardroom Act” defines a qualified veteran as a resident of New Jersey initially hired by the taxpayer on or after January 1, 2007 who has been honorably discharged or released from active service, occurring on or after January 1, 1990 in any branch of the Armed Forces of the United States.

The bill is the handiwork of Assembly Democrats Troy Singleton, Cleopatra Tucker, Gabriela Mosquera, and Daniel Benson.