This bill introduces temporary corporation business tax and gross income tax credits aimed at encouraging businesses to insource operations to New Jersey. Specifically, for privilege periods beginning on or after January 1, 2019, and before January 1, 2024, taxpayers can receive a credit equal to 35% of insourcing expenses from outside the U.S. and 25% from within the U.S. but outside New Jersey. The credit is contingent upon the completion of a written insourcing plan and an increase in the number of full-time employees in New Jersey compared to the period when the insourcing expenses were first incurred. If the number of full-time employees decreases in the five years following the credit's allowance, the state can recapture the credit.

The bill also stipulates that the total credits applied cannot exceed 50% of the tax liability for the privilege period and cannot reduce the tax liability below the statutory minimum. It clarifies definitions for "full-time employee" and "insourcing expense," ensuring that the credits are only applicable under specific conditions. The legislation aims to reverse the trend of outsourcing by providing financial incentives for businesses to relocate their operations to New Jersey, thereby leveraging the state's labor pool.