The New Jersey Economic Development Authority (NJEDA) will open applications for the Next New Jersey Manufacturing Program on Thursday, Sept. 25. This new initiative is a significant step in the state’s effort to grow its manufacturing sector, offering substantial, long-term tax benefits to eligible companies.
The program was established through a bipartisan bill, A5687/S4407, signed into law last month by Gov. Phil Murphy. It creates a $500 million tax credit program designed to incentivize capital investment and job creation.
What the program offers
The Next New Jersey Manufacturing Program is a competitive tax credit initiative. Manufacturers can receive a tax credit award of up to $150 million, with the final amount based on their proposed capital investment and the number of new jobs they plan to create.
The program aims to attract and retain businesses in key manufacturing industries, including:
- Advanced manufacturing
- Non-retail food and beverage
- Defense
- Clean energy
- Life sciences
Eligibility and application
Eligible businesses must make a minimum capital investment of $10 million and create at least 20 new full-time jobs. Additionally, the median salary for these new jobs must be at least 120% of the county’s manufacturing median. Businesses can also qualify for bonus credits by meeting specific criteria, such as being a minority/women-owned business or having a collective bargaining agreement in place.
Applications will be available on the NJEDA website starting at 10:00 a.m. on Thursday, Sept. 25. For more information on eligibility requirements and to apply, interested parties can visit the NJEDA’s official website or email [email protected].
