The Next New Jersey Manufacturing Program Act, designated as P.L.2025, c.123, aims to bolster New Jersey's manufacturing sector through a comprehensive tax credit program that encourages investment in advanced manufacturing, life sciences, and clean energy technologies. The program requires businesses to make a minimum capital investment of $10 million and create at least 20 new full-time jobs, with salaries set at a minimum of 120% of the county's median manufacturing salary. Compliance with environmental standards and workforce development partnerships with educational institutions are also mandated. The New Jersey Economic Development Authority will oversee the program, ensuring alignment with state economic goals.

The bill introduces specific eligibility criteria and application processes for tax credits, including a prohibition on receiving credits for the same capital investment if previously awarded under other programs. It establishes a cap of $11.5 billion on the total value of tax credits awarded over nine years, with provisions for annual limitations and the ability to carry over uncommitted credits. Additionally, the bill allows for the transfer of tax credits under certain conditions and mandates compliance checks to ensure businesses meet job creation commitments. The act is set to take effect immediately upon approval, with a focus on supporting clean energy manufacturers and maintaining equitable distribution of funds across various sectors.

Statutes affected:
Introduced: 34:1B-362
Advance Law: 34:1B-362
Pamphlet Law: 34:1B-362