This bill proposes a tax credit for New Jersey businesses that hire individuals who have lost their jobs due to automation. Specifically, it allows a credit against both the corporation business tax and the gross income tax, amounting to 10 percent of the salary and wages paid to each qualifying employee. To be eligible for the credit, the employee must have been terminated from their previous job due to automation and must be employed for at least seven months during the relevant tax period. The maximum credit per employee is capped at $2,500 for each privilege period or taxable year.

The bill also outlines the order of priority for applying this credit alongside other tax credits, ensuring that the total tax liability does not fall below the statutory minimum. Additionally, it specifies that any unused credit can be carried forward for up to seven subsequent tax periods. The definition of automation is included in the bill, describing it as a device, process, or system that replaces human labor and operates without continuous human input. This initiative aims to support individuals affected by job loss due to technological advancements, particularly in regions like Ocean County, where many jobs are at risk of automation.