NJ S640

Provides a 15% tax credit for manufacturers of advanced nuclear facility equipment investing in new manufacturing equipment or facility improvements in New Jersey, increasing to 25% for businesses relocating from other states or certified as minority, women's, or veteran-owned businesses

Establishes the New Jersey Advanced Nuclear Energy Development Program through the Economic Development Authority to award tax credits of $1 million per megawatt produced to developers constructing advanced nuclear facilities at current or decommissioned nuclear sites

Requires eligible developers to demonstrate project financing gaps, contribute at least 20% capital, obtain local government support, and meet prevailing wage, environmental, and affirmative action standards

Limits the eligibility period for tax credits to 20 years, with provisions for clawback if developer returns exceed projected rates by more than 15%, and allows credits to be sold or assigned for at least 85% of their value

Creates an advanced nuclear energy credit through the Board of Public Utilities for the first advanced nuclear facility operating in the state, payable annually for the first 25 years of operations