NJBIA has expressed its support for a legislative proposal aimed at providing tax incentives to businesses that develop pre-employment and work readiness training programs. These initiatives are designed to prepare individuals for high-demand careers with long-term prospects.
The bill, S-2306, is sponsored by Senators James Beach and Troy Singleton. It outlines that the training programs should be developed in collaboration with higher education institutions, county vocational schools, high schools, and nonprofit organizations. Initially set for a Senate vote on October 28, the bill was sent back to committee for amendment alignment.
"NJBIA supports this bill because it prioritizes workforce development through pre-employment training opportunities," stated NJBIA Chief Government Affairs Officer Christopher Emigholz. "By fostering tax-incentivized partnerships between the private sector and educational institutions, New Jersey can create more opportunities to fill jobs in in-demand fields."
According to the proposed legislation, businesses could receive tax credits against the corporation business tax or gross income tax equal to 100% of any financial aid provided for a qualified program approved by the Department of Labor and Workforce Development. The state would allow up to $2 million in tax credits per fiscal year.
Qualified programs need prior approval from the Department of Labor & Workforce Development and must offer at least 12 weeks of paid training at minimum wage. Participants must be at least 16 years old.
Training content is required to cover basic math and English literacy, communication skills, critical thinking, leadership, life skills, job readiness skills training, among other necessary areas as determined by the NJDOL.
