NJ S4407

Creates the Next New Jersey Manufacturing Program offering tax credits to manufacturers and clean energy product manufacturers that invest at least $10,000,000 in capital and create a minimum of 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 up to 5% bonus for factors like opportunity zone location or union agreements

Reserves $100,000,000 of the program's $500,000,000 allocation exclusively for clean energy manufacturers (offshore wind, solar, geothermal, green hydrogen, nuclear, fuel cells, battery storage) during the first two years

Requires eligible businesses to pay workers at least 120% of the county median manufacturing salary, pay prevailing wages for construction work, and maintain a collaborative relationship with New Jersey educational institutions or workforce development organizations

Tax credits are distributed over a five-year eligibility period, with businesses required to maintain the project at a New Jersey location for a commitment period of at least 10 years or face recapture of credits