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 invest a minimum of $10 million and create at least 20 new full-time jobs, with a focus on clean energy technologies. To qualify, businesses must maintain a median salary for new jobs that is at least 120% of the county's median for manufacturing employees and comply with environmental standards and affirmative action laws. The EDA will oversee the program, ensuring compliance and the accuracy of representations made by businesses under penalty of perjury.

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. It sets an overall cap of $11.5 billion on the combined value of tax credits awarded and reserves $100 million specifically for clean energy product manufacturers during the first two years. The bill also allows for the transfer of tax credits between entities under certain conditions and mandates annual reporting to ensure compliance with job creation and investment commitments. Overall, the legislation aims to enhance New Jersey's economic growth by supporting the manufacturing and clean energy sectors.

Statutes affected:
Introduced: 34:1B-362