This bill proposes a tax credit for corporations and businesses headquartered in New Jersey that employ individuals who have lost their jobs due to automation. Specifically, the credit would amount to 10 percent of the salary and wages paid to each qualifying employee, with a maximum limit of $2,500 per employee for each privilege period or taxable year. To be eligible for the credit, the employer must retain the employee for at least seven months during the relevant period. The bill also establishes that the application of this credit will not reduce a taxpayer's liability below the statutory minimum for corporate taxes or to an amount less than zero for gross income taxes.

The bill defines "automation" as a device, process, or system that replaces human labor and operates without continuous input from an operator. This initiative aims to support businesses in mitigating the impact of job losses due to automation, particularly in regions like Ocean County, where many jobs are at high risk of being automated. The legislation is set to take effect immediately and will apply to privilege periods and taxable years beginning on or after January 1 of the year following its enactment.