This bill establishes a corporation business tax credit for taxpayers who invest in manufacturing equipment or renovate, modernize, or expand manufacturing facilities located in designated Smart Growth Areas in New Jersey. Specifically, for privilege periods starting from January 1, 2024, to January 1, 2026, taxpayers can receive a credit equal to 10% of the costs associated with new manufacturing equipment, facility improvements, or the hiring and training of new full-time employees retained for at least 365 days. The bill also stipulates that the credit for employee training can be the greater of 10% of the costs of training, salary, and benefits or the existing deduction available under current law.

Additionally, the bill clarifies that expenditures eligible for this new credit will not qualify for other existing tax credits related to job creation and manufacturing investments. It defines key terms such as "manufacturing equipment," "manufacturing facility," and "qualified manufacturing related job training," ensuring clarity on what qualifies for the credit. Furthermore, the Director of the Division of Taxation is tasked with preparing a report by January 1, 2027, to assess the credit's impact and effectiveness in promoting employment in the manufacturing sector.