This bill establishes a corporation business tax credit for investments in manufacturing equipment and the renovation, modernization, or expansion of manufacturing facilities, as well as for the hiring and training of new employees in manufacturing. The credit, applicable for privilege periods starting from January 1, 2026, to January 1, 2028, allows taxpayers to claim 10% of the costs associated with new manufacturing equipment or improvements made to facilities located in State-designated Smart Growth Areas. Additionally, employers can receive a credit for the greater of 10% of the costs related to training, salary, and benefits of new full-time employees retained for at least 365 days, or the existing deductions they would qualify for under current law.

The bill specifies that expenditures eligible for this new credit will not qualify for other existing tax credits related to job creation and investment in manufacturing. It also defines key terms such as "manufacturing equipment," "manufacturing facility," and "qualified manufacturing related job training," which includes various forms of vocational and on-the-job training. Furthermore, the Director of the Division of Taxation is mandated to submit a report by January 1, 2029, detailing the credits' total value, the number of qualified employees, and an analysis of the credits' effectiveness in promoting new manufacturing employment.