New Quality Jobs Tax Credits

This bill would make substantial changes to the quality jobs tax credits. The bill would:
• Allow quality jobs tax credits for delivering at least five new quality jobs within one year of the beginning of wage withholding in Tier 1 Counties with a population less than 50,000 and 10 percent or more living in poverty;
• Allow quality jobs tax credits for delivering at least ten new quality jobs within one year of the beginning of wage withholding in Tier 2 Counties with a population less than 50,000 and 10 percent or more living in poverty;
• Allow quality jobs tax credits for delivering at least 50 new quality jobs within two years of the beginning of wage withholding;
• The value of the credit allowed is:
o Equal to $2,500 annually per job where pay is 110 percent or more but less than 120 percent of the average wage of the county;
o Equal to $3,000 annually per job where pay is 1120 percent or more but less than 150 percent of the average wage of the county;
o Equal to $4,000 annually per job where pay is 150 percent or more but less than 175 percent of the average wage of the county;
o Equal to $4,500 annually per job where pay is 175 percent or more but less than 200 percent of the average wage of the county;
o Equal to $5,000 annually per job where pay is 200 percent or more of the average wage of the county;
• Credits that exceed a taxpayer’s liability may rollover from year to year, but not exceed the allowable credit amount in a year;
• Specify that the Commissioner of the Department of Community Affairs will update the list of counties with a population of 50,000 and 10 percent or more living in poverty on or before December 31st of each year;
These changes to the new quality jobs tax credit would be applicable for all taxable years beginning January 1, 2020.  

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