Senate committee releases tax-credit bill to incentivize hiring of veterans, caps credits at $10 million
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Summary
S1204, the 'Battlefield to Boardroom Act,' was released by the Military and Veterans' Affairs Committee with committee amendments updating years of applicability and inserting a $10,000,000 annual cap on approved tax credits; business and veterans groups registered support.
The Military and Veterans' Affairs Committee released S1204, known in the hearing as the 'Battlefield to Boardroom Act,' which would authorize corporation business tax credits and gross income tax credits for qualified wages paid to certain veterans.
Committee amendments presented during the hearing update the years to which the credits would apply and clarify that the total value of tax credits approved cannot exceed $10,000,000 in any fiscal year. Representatives from the Chamber of Commerce of Southern New Jersey, the New Jersey Business and Industry Association, the New Jersey State Veterans Chamber of Commerce, the VFW Department of New Jersey, the New Jersey Bankers Association and others recorded support and indicated they did not need to testify.
Committee members asked few substantive questions at the session; a motion to release the bill (as amended) passed on a unanimous roll call from members present. The transcript does not identify which senator made the motion or who seconded it; the recorded roll call listed Senators Tybur and Space, Vice Chair Cruz Perez, and the chair as voting yes.
With the amendment capping annual credit awards at $10 million, the bill will move forward to additional references, where sponsors and fiscal staff may be asked for detailed cost estimates and implementation steps.
