Bill > A3386

This bill allows a corporation to receive a tax credit equal to 20 percent of the money spent on installing new manufacturing equipment or on renovating, modernizing, or expanding a manufacturing facility in New Jersey, with "manufacturing equipment" defined as machinery used to produce tangible goods eligible for a sales tax exemption, and a "manufacturing facility" being a business location where over half of the business property is manufacturing equipment. Any unused portion of this credit can be carried forward for up to seven years, and this new credit cannot be claimed for expenses already receiving a credit under other existing laws, with the total credit applied in a given year capped at 50 percent of the tax liability and not reducing the tax below a statutory minimum.