TRENTON–New Jersey will review whether a corporation tax credit and gross income tax credit program for paid internships leads to long-term jobs for college graduates.
The review comes as a result of Gov. Chris Christie’s conditional veto of a bill that would have given tax credits to employers who hire college students for internships. “While I support the concept of increased employment opportunities for future college graduates, the Legislature has offered no data to show that this type of tax credit will actually lead to increased long-term employment,” the governor wrote in his veto statement.
The new version of the bill, approved by the Legislature last month, deleted all references to the tax credit program and now calls for the Commissioner of Labor and Workforce Development to review a corporation tax credit and gross income tax credit program for paid internships, as it pertains to increasing long-term employment for future college graduates, and report any findings and recommendations to the governor no later than 12 months from the date of its enactment.
“I believe that making these tax credits available to employers could help create long-term positions. Sometimes all it takes is getting your foot in the door and internships do that,” said Assemblyman Craig Coughlin (D-Middlesex). “It would have been ideal to provide college graduates with this opportunity sooner than later, but I understand the concerns raised by the governor. This law takes the governor’s recommendations and will look into whether there is indeed a link between the two.”
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