The "New Jobs for New Jersey Act."

The New Jobs for New Jersey Act creates a refundable tax credit for small private employers (with 100 or fewer full-time employees) who hire unemployed workers after April 1, 2021. Employers receive a credit equal to their payroll taxes for each new full-time hire, but only for the net increase in full-time employees compared to their average from 2020. Employers can claim this credit for tax years 2021-2023, and if approved for one year, may continue for up to four additional years. The program requires employers to apply and provide employee data, with annual reports on program impacts due through 2027.