NJ A5687

Establishes the Next New Jersey Manufacturing Program under the Economic Development Authority, offering tax credits to manufacturers and clean energy product manufacturers who invest at least $10,000,000 in capital and create at least 20 new full-time jobs in the state

Tax credit amounts equal the lesser of: 0.1% of capital investment multiplied by new jobs, 25% of total capital investment, or $150,000,000, with potential 5% bonuses for factors like location in opportunity zones or having collective bargaining agreements

Requires participating businesses to pay median salaries at least 120% of the county median for manufacturing, pay prevailing wages for construction and building services workers, and maintain collaborative relationships with educational or workforce development organizations

Reserves $100,000,000 of program funding exclusively for clean energy product manufacturers (offshore wind, solar, geothermal, green hydrogen, nuclear, fuel cells, battery storage) during the first two years of the program

Applications accepted through March 1, 2029, with a total of $500,000,000 in tax credits allocated from existing economic recovery program funds; businesses must maintain jobs and investment for a commitment period equal to twice the five-year eligibility period or face recapture of credits