This bill establishes tax credits under both the corporation business tax and the gross income tax for employers who hire qualified disabled veterans. Specifically, it allows a credit equal to 15 percent of the qualified wages paid to these veterans, capped at $1,800 per veteran per taxable year or privilege period. To qualify, the veteran must be a resident of New Jersey, hired on or after the bill's enactment, and have a service-connected disability rating of 30 percent or greater from the U.S. Department of Veterans Affairs. The credits are applicable for wages paid between January 1, 2017, and January 1, 2020, and the veteran must be employed for at least 185 business days during the relevant period.

The bill includes provisions to prevent misuse of the tax credits, such as disallowing claims if the wages are already included in another state tax credit or grant. Additionally, if a taxpayer is found to be displacing existing employees to hire qualified disabled veterans solely to obtain the credit, the credit will be denied, and penalties will be assessed. The bill also restricts the use of these credits in conjunction with other tax credits, ensuring that the total tax liability does not fall below statutory minimums. Taxpayers may carry forward any unused credits for up to seven years and can apply for a tax credit transfer certificate, which can be sold or assigned to other taxpayers for at least 75 percent of the credit amount.