NJBIA is supporting legislation before the full Senate Monday that would offer financial incentives for businesses to establish pre-employment and work readiness training programs that recruit, prepare and educate people for in-demand jobs with long-term carer potential.
Under the bill, S-2306 sponsored by Senators James Beach (D-6) and Troy Singleton (D-7), the training programs would be provided in partnership with institutions of higher education, county vocational schools, high schools, and nonprofit organizations.
“NJBIA supports this bill because it prioritizes workforce development through pre-employment training opportunities,” said 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.”
The legislation would allow businesses to receive credits against the corporation business tax or gross income tax for 100% of any financial assistance provided to support a qualified program approved by the Department of Labor and Workforce Development. A maximum of $2 million in tax credits per state fiscal year would be allowed to be granted.
The qualified programs must be pre-approved by the Department of Labor & Workforce Development and would be required to provide at least 12 weeks of paid training at minimum wage. Program participants would be required to be at least 16 years old.
Training must include, but not be limited to, basic math and English literacy, communication skills, critical thinking, leadership, life skills and job readiness skills training, in addition to other forms of training and any that may be deemed necessary by the NJDOL.
