Bill > S1241

This bill, known as the "New Jersey Makes, the World Takes Act," allows businesses subject to New Jersey's corporation business tax to claim a tax credit for making retail sales of products manufactured in New Jersey. A "New Jersey made product" is defined as one where all or virtually all significant parts, processing, and labor originate or are sourced from New Jersey, with only negligible outside content allowed. The credit is calculated at $3.31 for every $100 in retail sales of these New Jersey made products, which is intended to approximate 50% of the state's sales tax rate. The bill also specifies that this credit has a priority order for application, cannot reduce the tax liability below a statutory minimum, and any unused credit can be carried forward for up to seven years. Furthermore, the Director of the Division of Taxation is authorized to immediately adopt necessary rules and regulations to implement the act, which will take effect immediately and apply to privilege periods beginning on or after the bill's enactment.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2026/S1241