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NJ S3377
Bill
Status
6/3/2024
Primary Sponsor
Joseph Vitale
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AI Summary
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Establishes a 10% corporation business tax credit for new manufacturing equipment installed at facilities located within State-designated Smart Growth Areas for privilege periods from January 1, 2024 through January 1, 2026
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Provides the same 10% credit for costs of renovation, modernization, or expansion of manufacturing facilities in Smart Growth Areas
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Offers employers the greater of 10% of training, salary, and benefits costs or existing deductions for new full-time employees hired and retained for at least 365 days who receive qualified manufacturing job training within six months of employment
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Allows unused credits to be carried forward for up to seven privilege periods, with total credits capped at 50% of tax liability
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Requires the Director of the Division of Taxation to submit a report to the Governor and Legislature by January 1, 2027 analyzing the effectiveness of the credits in encouraging manufacturing employment
Legislative Description
Provides corporation business tax credit for certain investment in manufacturing equipment and manufacturing facility renovation, modernization, and expansion, or hiring and training of new employees for manufacturing purposes.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
6/3/2024