The proposed bill establishes the "Next New Jersey Manufacturing Program" under the New Jersey Economic Development Authority (EDA) to promote in-state manufacturing investments and job creation. The program offers tax credits to eligible businesses that meet specific criteria, including a minimum capital investment of $10 million and the creation of at least 20 new full-time jobs with salaries at least 120% of the county's median manufacturing salary. The EDA will administer the program, approving tax credits based on applications and ensuring compliance with environmental standards and workforce development partnerships. The bill also reserves $100 million of tax credits specifically for clean energy product manufacturers during the first two years.

Additionally, the bill amends existing tax credit provisions to introduce new eligibility criteria, including a requirement for businesses to maintain at least 80% of new employees in specified positions to retain their tax credits. If this threshold is not met, businesses will forfeit their credits for that period. The legislation sets an overall cap of $11.5 billion on the total value of tax credits awarded over nine years and allows for the transfer of tax credits under certain conditions. Overall, the bill aims to enhance accountability and flexibility in the state's tax credit programs while positioning New Jersey as a leader in manufacturing and clean energy sectors.

Statutes affected:
Introduced: 34:1B-362