The Made in New Jersey Tax Credit Act establishes a tax credit under the corporation business tax for taxpayers who purchase New Jersey made products for retail sales, manufacturing, or manufacturing processes. The credit is calculated as 25 percent of the ratio of costs incurred for New Jersey made products to the total costs incurred for all products, excluding costs for products that could not be substituted with similar New Jersey made products. However, if two-thirds or more of the total costs are excluded, the taxpayer is ineligible for the credit. Additionally, the credit can be carried forward for up to seven privilege periods and cannot reduce the tax liability below the statutory minimum.

The bill defines "New Jersey made product" as one where all or virtually all significant parts, processing, and labor originate from New Jersey, with negligible out-of-state content. It also grants the Director of the Division of Taxation the authority to adopt necessary rules and regulations for implementing the act, bypassing certain provisions of the Administrative Procedure Act for a period of up to 360 days. The act is set to take effect immediately and will apply to privilege periods beginning on or after January 1 of the year following its enactment.