NJ S2659

Provides a corporation business tax credit equal to 25% multiplied by the ratio of New Jersey-made product purchases to total product purchases for retail sales, manufacturing, or production purposes

Defines "New Jersey made product" as items where all or virtually all significant parts, processing, and labor originate from New Jersey with only negligible out-of-state content

Disqualifies taxpayers from the credit if two-thirds or more of their total costs are excluded as products that could not be substituted with New Jersey-made alternatives

Allows unused credits to be carried forward for up to seven privilege periods following the year the credit is allowed

Applies retroactively to privilege periods beginning on or after January 1, 2021