The proposed bill establishes the "Next New Jersey Manufacturing Program" under the New Jersey Economic Development Authority (EDA) to incentivize in-state manufacturing investments and job creation. The program will provide tax credits to eligible businesses that make a minimum capital investment of $10 million and create at least 20 new full-time jobs, with a focus on manufacturers, particularly in clean energy technologies. To qualify, businesses must also demonstrate a commitment to workforce development, comply with environmental standards, and ensure that new jobs pay at least 120% of the county's median manufacturing salary. The bill outlines a comprehensive application process, including a project agreement with the EDA, and mandates annual reporting to ensure compliance with job creation and investment commitments.

Additionally, the bill amends existing tax credit provisions to introduce new eligibility criteria, including a requirement for businesses to maintain at least 80% of the new employees specified in their project agreements to retain their tax credits. It sets an overall cap of $11.5 billion on tax credits awarded over nine years, with specific allocations for transformative projects and clean energy manufacturers. The EDA is empowered to approve tax credits beyond annual limits under certain conditions, and the bill includes provisions for transparency regarding tax credit transfers. Overall, the legislation aims to enhance New Jersey's manufacturing sector while promoting economic growth and clean energy initiatives.

Statutes affected:
Introduced: 34:1B-362