This bill proposes tax credits for businesses that employ members of the New Jersey National Guard and the reserve components of the U.S. Armed Forces. Specifically, it allows a credit of $1,500 for each qualified service member who has not completed or returned from deployment, and $2,500 for those who have. The credits can be applied against both the corporation business tax and the New Jersey Gross Income Tax, with provisions ensuring that the total tax liability cannot be reduced below a certain minimum threshold.

Additionally, the bill includes provisions for the Director of the Division of Taxation to adopt necessary rules and regulations to implement the act, including documentation and verification requirements for claiming the tax credits. The act is set to take effect immediately and will apply to privilege periods and taxable years beginning after its enactment.