The New Jersey Works Act is designed to encourage businesses to establish pre-employment and work readiness training programs in partnership with educational institutions and nonprofit organizations. 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 offer paid training at minimum wage, will focus on essential skills such as math, English literacy, communication, and job readiness, specifically targeting low- and moderate-income households.

The bill requires institutions of higher education, comprehensive high schools, county vocational schools, or nonprofit organizations to submit a pre-employment training plan to the Department of Labor and Workforce Development (DOLWD) for approval. The DOLWD will review these plans to ensure they meet specific standards and determine eligibility for financial assistance and tax credits. Additionally, the act mandates that the DOLWD and the Division of Taxation adopt necessary regulations for effective implementation. The program is set to take effect 180 days after enactment, with tax credits applicable to privilege periods and taxable years beginning on or after January 1 of the year following its enactment.