The New Jersey Works Act is designed to encourage businesses to collaborate with educational institutions and nonprofit organizations to create pre-employment and work readiness training programs. Under this bill, businesses can receive tax credits equal to 100% of the financial assistance they provide for these approved training programs, with a total cap of $12 million in tax credits available per state fiscal year. The training programs, which must last at least 12 weeks and cover essential skills such as basic math, English literacy, communication, and job readiness, specifically target low- and moderate-income households. Institutions of higher education, comprehensive high schools, county vocational schools, or nonprofit organizations must submit a pre-employment training plan for approval by the Department of Labor and Workforce Development (DOLWD), and eligibility for participation cannot be contingent on possessing a high school diploma or equivalency.

The bill also outlines the responsibilities of the DOLWD, which includes reviewing training plans for eligibility and ensuring that funds from businesses are exclusively used for the training programs. The act mandates that institutions demonstrate their capacity to implement these plans and requires documentation of completion rates. Additionally, the DOLWD and the Division of Taxation are tasked with adopting necessary regulations to effectively implement the program. A study will be conducted two years post-implementation to evaluate the effectiveness of the training programs and tax credits, with findings reported to the Governor and the Legislature.