NJEDA Board Approves Rules for PPE Manufacturing Tax Credit Program
The New Jersey Economic Development Authority (NJEDA) Board recently approved rules to enact the creation of the Personal Protective Equipment (PPE) Manufacturing Tax Credit (PMTC) Program. The PMTC Program provides per-job tax credits to PPE manufacturing projects in New Jersey that have made or make investments in 2020, 2021, or 2022.
Projects can receive a base tax credit of $10,000 per new job created, up to an annual program cap of $10 million. Individual projects are subject to an annual cap of $500,000. Bonuses are available for projects that meet additional policy goals. Tax credits through the PPE Manufacturing Tax Credit Program are only available for full-time jobs offering at least 35 hours per week, a wage rate of $15 per hour or more, and approved employee health benefits. Employers must also commit to retaining the incented jobs for a period of at least five years.
Applications for the PMTC Program will open in the coming months. For immediate questions and to sign up for notifications of the PMTC Program launch, email PPEmanufacturingtaxcredit@NJEDA.com.
More information is available at https://www.njeda.com/ppe.
Please reach out to Hilary Chebra, Manager, Government Affairs at firstname.lastname@example.org if you have any questions.