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, which are aimed at low- and moderate-income households. Each program must offer at least 12 weeks of paid training in essential skills such as math, English literacy, and job readiness, with a total tax credit cap of $12 million per fiscal year. The Department of Labor and Workforce Development (DOLWD) will oversee the approval of training plans and conduct a study two years post-implementation to assess the effectiveness of the programs and tax credits.

The bill also stipulates that institutions of higher education, comprehensive high schools, county vocational schools, or nonprofit organizations must submit a pre-employment training plan to the DOLWD for approval. Each program must provide a minimum of 12 weeks of paid training at the minimum wage, covering essential skills, and participants must be at least 16 years old, with eligibility not contingent on having a high school diploma. The DOLWD will review these plans to determine eligibility for financial assistance and tax credits, ensuring that the programs effectively serve low- and moderate-income individuals and those seeking mid-career skills training or vocational retraining. Additionally, the bill includes an appropriation from the General Fund to support the administration of the program by the DOLWD and the Division of Taxation in the Department of the Treasury.