TRENTON, NJ — In an effort to increase the employment of veterans, the Senate Military and Veterans’ Affairs Committee on Monday approved legislation sponsored by Senators Troy Singleton (D-Burlington) and Linda Greenstein (D-Mercer/Middlesex) that would expand tax credit programs.
The bill, S-282, entitled “The New Jersey Battleground to Boardroom Act” would provide a corporation business tax credit and a gross income tax credit to employers for the hiring of certain veterans from January 1, 2020 to January 1, 2024.
“For veterans, a major part of a successful transition to civilian life is securing a good job,” said Senator Singleton, who represents Mount Laurel in the Legislature. “These honorable men and women would be excellent contributors in the civilian workplace, so encouraging employers to consider them when hiring truly is a win-win for all parties involved.”
Under the bill, an employer would be provided with a credit for 10% of the wages paid to a qualified veteran during the course of sustained employment. In order to qualify for the credit, the bill would require the employer comply with a series of conditions including having 25% of its new employees be qualified veterans during a tax year and 50% of the qualified veterans hired retaining their jobs in a year prior to a tax year.
“Veterans often face unemployment at higher levels as the transition from military service to the civilian workforce following their deployment,” said Senator Greenstein. “Through this tax credit we hope to encourage businesses to hire and retain veterans as employees.”