New Jersey § 52:27h-78

§ 52:27h-78.

Any qualified business subject to the provisions of the “Corporation Business Tax

Act (1945),” P.L.1945, c. 162 ( C. 54:10A-1 et seq. ), as actively engaged in the conduct of business from a location within an enterprise

zone designated pursuant to this act, which business at that location consists primarily

of manufacturing or other business which is not retail sales or warehousing oriented,

shall receive an enterprise zone employee tax credit against the amount of tax imposed

under the “Corporation Business Tax Act (1945),” P.L.1945, c. 162 ( C. 54:10A-1 et seq. ), as hereinafter provided: a. A one-time credit of $1,500.00 for each new full-time, permanent employee employed at that location who is a resident of the qualifying municipality

in which the designated enterprise zone is located, or any other qualifying municipality in which an urban enterprise zone is located, and who immediately prior to employment by the taxpayer was unemployed for at least

90 days, or was dependent upon public assistance as the primary source of income; b. A one-time credit of $500.00 for each new full-time, permanent employee employed at that location who is a resident of a qualifying municipality

in which a designated enterprise zone is located, or any other qualifying municipality in which an urban enterprise zone is located, who does not meet the requirements of subsection a. of this section, and who was

not, immediately prior to employment by the taxpayer, employed at a location within

the qualifying municipality; c. A qualified business which is not entitled to an employee tax credit under this

section, but meets the eligibility criteria pursuant to the provisions of subsection

c. of section 27 of P.L.1983, c. 303 ( C. 52:27H-86 ), shall receive a one-time credit in an amount equal to 8% of each new investment

made by the qualified business in the enterprise zone under an agreement approved

by the authority. This credit shall be applied against the taxpayer's corporation business tax liability

subject to the limitations and carry forward provisions set forth in section 18 of P.L.1983, c. 303 ( C. 52:27H-77 ); provided, however, that a qualified business shall not claim an employee tax credit

and an investment tax credit authorized pursuant to this subsection in the same year

regardless of whether those credits were earned for the tax year or carried forward

from a previous year. d . The enterprise zone employee tax credit shall be allowed in the tax year immediately

following the tax year in which the new full-time, permanent employee was first employed by the taxpayer, and shall be permitted in any tax year

of a 20 year period from the date of designation of the enterprise zone, or of a period

of 20 tax years from the date within that designation period upon which the taxpayer

is first subject to the provisions of the “Corporation Business Tax Act (1945),” P.L.1945,

c. 162 ( C. 54:10A-1 et seq. ), whichever date is later and the termination of the designation of an enterprise

zone at the end of a 20 year designation period shall not terminate the eligibility

period provided under this section; e . A tax credit shall be permitted under this section only for those new full-time, permanent employees who have been employed for at least six continuous months by the taxpayer

during the tax year for which the tax credit is claimed. f. A newly employed employee shall not be deemed a new full-time, permanent employee

for the purposes of this section unless the total number of full-time, permanent employees,

including the newly employed employee, employed by the employer in the zone during

the calendar year exceeds the greatest number of full-time, permanent employees employed

in the zone by the employer during any prior calendar year during the period commencing

with the date of zone designation.