Previously CV’d, reworked intern tax credit bill signed into law

TRENTON – Gov. Chris Christie signed legislation into law that will spur the state to review the effectiveness of corporation tax credits and other incentives for businesses that provide paid internships for college graduates.

The governor signed a reworked version of A1271, which originally sought to allow a corporation business tax credit and gross income tax credit for wages paid to qualified interns. The legislation was conditionally vetoed by the governor, who instead recommended the commissioner of Labor and Workforce Development conduct a review of the proposed program.

Lawmakers recently voted to concur with the governor’s recommendation and the bill’s sponsors announced Friday Christie signed the proposal into law.

“I believe that making these tax credits available to employers could help create long-term positions. Sometimes all it takes is getting your foot in the door and internships do that,” stated Assemblyman Craig Coughlin (D-19).

“It would have been ideal to provide college graduates with this opportunity sooner than later, but I understand the concerns raised by the governor,” he said. “This law takes the governor’s recommendations and will look into whether there is indeed a link between the two.”

Christie said in his veto message that he was concerned there was no reason to believe the proposal would lead to more long-term employment.

 

Previously CV’d, reworked intern tax credit bill signed into law