This bill introduces temporary tax credits for corporations and individuals in New Jersey that incur expenses related to employer-provided child care. It allows a credit against the corporation business tax and gross income tax equal to 50% of up to $50,000 of expenses for acquiring, constructing, or improving real property used for qualified child care centers that primarily serve employees' children. To qualify, taxpayers must enter into an agreement with the director of the Division of Taxation, which requires documentation to verify expenses and compliance. The property must not be part of the taxpayer's principal residence and must be used for a qualified child care center for at least 60 consecutive months, with provisions for repayment of the credit if conditions are not met.

The bill also defines "qualified child care center" as a licensed facility participating in New Jersey's Grow NJ Kids program, with exclusions for facilities that do not primarily serve children or discriminate against employees. The legislation aims to incentivize businesses to support child care for their employees, thereby enhancing workforce engagement and addressing the need for quality child care in the state.