This bill introduces tax incentives for taxpayers who invest in the construction or expansion of rural meat processing facilities in New Jersey. Specifically, it establishes tax credits against both the Corporation Business Tax (CBT) and the New Jersey Gross Income Tax, allowing taxpayers to claim a credit of 20% of their project costs, or 30% if the project includes specific facilities such as a smokehouse or cold storage. Each tax credit is capped at $5 million, and the total cumulative amount of credits available under this bill is limited to $50 million. The credits will be available for five years following the bill's effective date.

To qualify for these tax credits, taxpayers must apply to the Secretary of Agriculture for certification, providing evidence of their investment and project details, including coordination with regional agricultural innovation centers. The bill also outlines that no tax credits will be allowed for costs already included in other tax credits or exemptions. Additionally, the Secretary, in consultation with the Director of the Division of Taxation, is tasked with adopting necessary regulations to implement the provisions of the bill, and a report on the effectiveness of the tax credits must be submitted to the Governor and Legislature within five years of the bill's enactment.