NJEDA to Open Applications for Next NJ Manufacturing Program

The New Jersey Economic Development Authority (NJEDA) will open applications for the Next New Jersey Manufacturing Program on Thursday, Sept.25. The program will encourage growth in New Jersey’s manufacturing sector by offering long-term benefits to manufacturing companies. Last month, Gov. Phil Murphy signed A5687/ S4407 into law, establishing the $500 million tax credit program.

The Next NJ Manufacturing Program is a tax credit initiative designed to spur significant investment, create new jobs, and solidify the state’s manufacturing industry. Under the program, manufacturers can receive a tax credit award of up to $150 million, based on an applicant’s proposed new jobs and capital investment.

Eligible applicants include businesses in manufacturing industries, such as advanced manufacturing, non-retail food and beverage, defense, clean energy, and life sciences.

Applications will open on Sept. 25 at 10:00 a.m. Article sourced from New Jersey Business Magazine. Please visit njeda.org for more program information.