Bill offers tax credit for hiring those out of work over 30 days

TRENTON – Employers would receive an incentive to hire people out of work for more than 30 days under a proposed bill introduced today.

Senate President Steve Sweeney, (D-3), West Deptford, and Sen. Bob Gordon, (D-28), Fair Lawn, introduced the measure that is designed to encourage small businesses to hire such people.

Under the “New Jobs for New Jersey Tax Credit Program,” any business that employs 100 or fewer full-time people would become eligible for a tax credit against either their corporate business or gross income tax, whichever applies to them, for each unemployed person they newly hire, the senators said in a release.

“Our 35 year high unemployment rate of 9.8% is simply unacceptable,” Sweeney said in a release. “We have taken action before only to be stopped in our tracks by the governor. The governor’s ‘middle-class’ agenda may not include anything about jobs, but ours clearly does. We will continue to pick up the ball where he has dropped it.”

Among the bill’s conditions:

The person being hired cannot have been previously employed by that employer; the worker must be full time; the company’s average full-time complement for the year the credit is sought must be higher than the 12-month period prior to Oct. 1, 2012; and the person is hired after Oct. 1, 2012.

Bill offers tax credit for hiring those out of work over 30 days