NJBIA - New Jersey Business & Industry Association
New Jersey Business & Industry Association
The Senate Labor Committee today released NJBIA-backed legislation that would provide businesses that hire people under 18 years old with a tax credit to offset the cost of the state’s higher minimum wage. S-718 (Addiego, D-8; Singleton, D-7) would provide an employer with a refundable tax credit against the corporation business tax or the gross […]
On January 1, 2020 the minimum wage increased to $11 and will increase $1 every year until reaching $15 per hour in 2024. The minimum wage for small businesses with less than six employees, seasonal businesses, and farm labor is now set at $10.30 and will increase to $15 at a slower rate. The minimum […]
NJBIA is advocating for several bills to mitigate the effects of the new $15 an hour minimum wage law, and one of them, tax credits for employers who hire teens, is getting some public debate. The bill, S-3483 (Addiego, Singleton), would provide an employer with a refundable tax credit against the corporation business tax or […]
Winners and losers would be about equal if the federal government were to raise the minimum wage from $7.25 to $15 an hour by 2025. According to the Congressional Budget Office (CBO), 1.3 million workers would be lifted out of poverty, while another 1.3 million workers would lose their jobs. “For most low-wage workers, earnings […]
NJBIA President & CEO Michele Siekerka, Esq., issued the following statement on Monday as the minimum wage increased to $10 per hour, the first step toward the phase-in of a $15 minimum wage by Jan. 1, 2024. See NJBIA’s Fast Facts on the Minimum Wage law here for more information about the law’s provisions. “Since […]
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