Bill > S853

This bill allows corporations to receive a tax credit, equal to 10% of qualifying expenses, against their New Jersey corporation business tax for investments made between January 1, 2014, and January 1, 2016, in new manufacturing equipment installed in designated "Smart Growth Areas" (areas identified for development or redevelopment), or for renovating, modernizing, or expanding manufacturing facilities within these areas. Additionally, businesses can claim this credit for hiring and training new full-time employees for manufacturing roles, provided the employees are retained for at least 365 days and receive qualified job training within six months of employment, with the credit being the greater of 10% of the employee's salary and benefits or the deduction they would otherwise be entitled to. This credit cannot be combined with certain other existing tax credits and is subject to limitations, including not exceeding 50% of the tax liability for a given period and not reducing the tax below a statutory minimum, with any unused credit able to be carried forward for up to seven years. The bill also defines key terms like "manufacturing equipment," "manufacturing facility," and "qualified manufacturing related job training," and requires a report on the credit's effectiveness by January 1, 2017.