TRENTON – The Senate Labor Committee advanced legislation sponsored by Senator James Beach that would provide financial incentives for businesses to establish pre-employment and work readiness training programs in partnership with institutions of higher education, county vocational schools, high schools, and nonprofit organizations.
“This legislation creates educational and professional development opportunities for New Jersey workers, yielding higher wages and professional growth over the length of a career,” said Senator Beach (D-Burlington/Camden). “By incentivizing investments in these programs and in employees, we can foster a work culture that prioritizes personal and professional growth, rather than relegating individuals to either ‘high-skill’ or ‘low-skill’ roles with little opportunity for advancement.”
The bill, S-2306, would allow businesses to receive credits against the corporation business tax or gross income tax for 100 percent of any financial assistance provided to support a qualified program approved by the Department of Labor and Workforce Development. A maximum of $12 million in tax credits per state fiscal year would be allowed to be granted.
The qualified programs would be required to provide at least 12 weeks of paid training, and program participants would be required to be at least 16 years old. Training would 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 Department of Labor and Workforce Development.
The bill was advanced in a unanimous vote.