S.B. 3759, which Sen. Vin Gopal, D-Long Branch, introduced Tuesday, would allow businesses with 100 or fewer full-time employees to claim a tax credit equal to 10% of the wages of an employee who is paid on an hourly basis and is paid 120% of the state's hourly minimum wage.
If the business is in a designated COVID-impact county, one where the average monthly unemployment rate is greater than the state's average, then the business can claim a credit equal to 20% of a qualifying employee's wages.
The credit could be carried forward for up to seven tax years, according to the bill.
If enacted, the credit would apply to the 2020 and 2021 tax years.
--Editing by Vincent Sherry.
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