NJ S4031

Creates a 10% corporation business tax credit for new manufacturing equipment installed at facilities in State-designated Smart Growth Areas, available for privilege periods from January 1, 2026 through January 1, 2028.

Provides a 10% tax credit for costs of renovating, modernizing, or expanding manufacturing facilities located within Smart Growth Areas.

Offers employers the greater of 10% of training, salary, and benefits costs or existing law deductions for new full-time employees who are hired, retained for at least 365 days, and receive qualified manufacturing job training within six months of employment.

Unused credits may be carried forward for up to seven privilege periods, but total credits cannot exceed 50% of tax liability or reduce liability below the statutory minimum.

Requires the Director of the Division of Taxation to submit a report by January 1, 2029 analyzing the credit's effectiveness as an incentive for manufacturing employment and describing any increased administrative workload.