Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey with income tax rate reductions, deferrals, and accelerated deductions.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes a manufacturing reinvestment account program designed to incentivize capital investment and workforce training in New Jersey. It offers income tax rate reductions, deferrals, and accelerated deductions to qualified manufacturers who contribute to these accounts. The program has specific eligibility requirements, including limitations on deposit amounts and employee counts, and outlines how distributions from the accounts are treated for tax purposes. It aims to support small manufacturing businesses in New Jersey.
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Primary sponsor
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