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 aims to address the growing concern of job loss due to automation, particularly in areas like Ocean County, where many residents are at risk of losing their jobs.

The legislation also outlines the order of priority for applying this credit alongside other tax credits, ensuring that the tax liability does not fall below the statutory minimum or zero, depending on the tax type. The definition of automation is clarified as a device, process, or system that replaces human labor and operates without continuous human input. The bill 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.