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 the manufacturing sector. Specifically, for privilege periods starting from January 1, 2024, to January 1, 2026, taxpayers can receive a credit equal to 10% of the costs associated with new manufacturing equipment or improvements made to manufacturing facilities located in designated Smart Growth Areas. Additionally, employers can claim a credit for hiring new full-time employees who receive qualified manufacturing-related job training, with the credit amount being the greater of 10% of the associated costs or existing law deductions. The bill also stipulates that unused credits can be carried forward for up to seven privilege periods.

Furthermore, the bill clarifies that expenditures eligible for this new credit will not qualify for other existing tax credits related to job creation and manufacturing investments. It defines key terms such as "manufacturing equipment," "manufacturing facility," and "qualified manufacturing related job training," ensuring clarity on what qualifies for the credit. Lastly, the Director of the Division of Taxation is mandated to prepare a report by January 1, 2027, detailing the credits' total value, the number of qualified employees, and an analysis of the credits' effectiveness in promoting new manufacturing employment.