On Wednesday, August 13, Chamber of Commerce Southern New Jersey (CCSNJ) President & CEO Christina Renna joined Governor Phil Murphy as his guest at the signing of A5687/S4407(Greenwald/McClellan/Reynolds-Jackson/Testa/Greenstein).

The CCSNJ proudly supported A5687/S4407 throughout the legislative process. This new law establishes the Next New Jersey Manufacturing Program, a new $500 million tax credit program that incentivizes manufacturing investment and job creation. The Next New Jersey Manufacturing Program, which will be administered by the New Jersey Economic Development Authority (NJEDA), will encourage growth in New Jersey’s manufacturing sector by offering long-term benefits to manufacturing companies.

Under the program, eligible businesses in manufacturing industries including advanced manufacturing, non-retail food and beverage, defense, clean energy, and life sciences can receive a tax credit award equal to the lesser of 0.1 percent of the eligible business’s total capital investment multiplied by the number of new full-time jobs or 25 percent of the eligible business’s total qualified investment, subject to a total cap of $150 million per project.

In the first two years, $100 million in tax credits will be reserved for clean energy product manufacturers in industries such as solar, geothermal, and green hydrogen. After the first two years of the program, any unused proceeds will roll over into the general manufacturing allocation.

Ms. Renna issued the following statement on the signing of the bill:

"New Jersey’s manufacturers are the backbone of our economy and this program provides the kind of bold, targeted investment needed to keep them competitive in a rapidly changing economic landscape. By prioritizing innovation, job creation, and in-state capital investment, the Next New Jersey Manufacturing Program sends a clear message: our state is serious about building things here at home and supporting manufacturers up and down the state. We commend Governor Murphy for his leadership on this critical issue.”



To read the Governor's press release on the bill signing, click here. 

Please reach out to Hilary Chebra, Director, Government Affairs at hchebra@chambersnj.com if you have any questions.