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NJ S2469
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Nilsa Cruz-Perez
Click for details
AI Summary
- Creates a new "Garden State Corporation" classification for manufacturing companies that primarily operate facilities in New Jersey and give employees greater decision-making power
- Requires half of the board of directors to be elected by New Jersey-based employees, with those employee-elected directors having equal authority on all corporate matters including officer selection, facility locations, and bylaw amendments
- Provides corporation business tax credits of 35% for years 1-5, 25% for years 6-7, and 15% for years 8-9 for qualifying Garden State Corporations
- Increases tax credits to 60% (years 1-5), 45% (years 6-7), and 30% (years 8-9) if the corporation also qualifies as a benefit corporation under existing New Jersey law
- Takes effect on July 1 following enactment
Legislative Description
"Garden State Manufacturing Jobs Act."
Labor
Last Action
Introduced in the Senate, Referred to Senate Labor Committee
1/13/2026
Committee Referrals
Labor1/13/2026
Full Bill Text
No bill text available