This bill establishes a program within the New Jersey Department of Labor and Workforce Development that provides tax credits to employers who offer full paid leave for up to two working days for employees to attend school-related events for their children. The program aims to offset the costs incurred by employers for wages paid during this leave. Employers can apply for tax credits against either the corporation business tax or the gross income tax, depending on which tax applies to them. The total value of tax credits awarded annually is capped at $10 million, and the program will begin for tax years starting on or after January 1, 2025.

Additionally, the bill outlines the regulatory framework for implementing the program, including standards for determining employer eligibility and record-keeping requirements. It mandates that the Commissioner of Labor and Workforce Development, in consultation with the State Treasurer, adopt necessary regulations and prepare biennial reports on the tax credits awarded. The bill also clarifies that employers cannot require employees to exhaust other leave options before utilizing the paid leave provided under this act. Overall, the legislation aims to support working parents while incentivizing employers to offer family-friendly leave policies.