Bill > A5687

This bill establishes the Next New Jersey Manufacturing Program to incentivize manufacturing investments and job creation in the state. The program offers tax credits to businesses that meet specific criteria, including making a minimum capital investment of $10 million and creating at least 20 new full-time jobs in New Jersey. Eligible businesses must be manufacturers or clean energy product manufacturers, primarily focused on producing goods through industrial processes or creating components for renewable energy technologies like offshore wind, solar, and battery storage. The program requires participants to pay workers at least 120% of the county's median manufacturing salary, collaborate with local educational institutions for workforce development, and meet environmental and sustainability standards. Initially, $100 million of the program's tax credits will be reserved exclusively for clean energy product manufacturers during the first two years. The tax credits can be calculated based on the company's capital investment and new job creation, with a maximum credit of $150 million per business. Companies can also transfer or sell these tax credits to other businesses, subject to certain restrictions. The program is part of a larger economic development initiative and is designed to position New Jersey as a leader in the manufacturing economy by attracting new investments and creating high-quality jobs.