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Innovation and education are two keys to New Jersey’s long-term economic growth, and they are coming together in S-2695 (Greenstein), which would provide a tax incentive for companies offering internships in the life sciences fields. The bill was released today by the Senate Economic Growth Committee and is supported by the New Jersey Business & Industry Association.
“Internships are not only an excellent educational tool, they are a great way to ensure that new talent is funneled into businesses so there is a pipeline of skilled workers,” said Mike Wallace, director Employment and Labor Policy and Federal Affairs. “This legislation will encourage the development of talent in one of New Jersey’s most crucial industry sectors.”
This bill would create the “New Jersey Life Sciences Internship Challenge” program. Any life sciences company that has a research laboratory within New Jersey may hire summer interns through the program and receive a tax credit subsidy for their salary. The program is limited to companies that have their principal place of business in the state and fewer than 100 employees.
The subsidies are capped at $3,600 (a maximum of 20 hours per week for 12 weeks at a salary of $15 per hour), and the program is limited to no more than 150 internships per year. The NJ Economic Development Authority would administer the program.