This bill establishes a child care contribution tax credit for employers in New Jersey who are subject to the Corporation Business Tax (CBT) or Gross Income Tax (GIT). Employers can claim a tax credit of 50% of eligible child care-related expenses incurred during the privilege period, with a maximum credit of $100,000 per taxpayer. Eligible expenses include costs for acquiring, constructing, or operating qualified child care centers primarily for employees' children, as well as payments made to subsidize child care services. The total amount of tax credits available is capped at $10 million per tax year. To claim the credit, employers must submit an application to the Commissioner of Labor and Workforce Development, who will review and approve applications.

Additionally, the bill allows for the transfer of tax credits to other taxpayers under certain conditions, ensuring effective utilization within the state's tax framework. Employers can apply for a tax credit transfer certificate, which can be sold to other taxpayers for at least 75% of the transferred credit amount. The bill also defines "child care services" and "qualified child care center," and mandates an annual evaluation by the Commissioner of Labor and Workforce Development to assess the impact of these tax credits on child care availability and employee satisfaction.