New Job and Income Tax Credits

Qualifying projects that invest private capital into the state and create a minimum of 35 full-time jobs.

Provides per-job tax credits ranging from $500-$8,000 per-job per year, based on project location, bonuses, and the net benefit to the state. Tax credits may directly offset tax liability or may be transferred or surrendered for 85-90% of their value.

Emerge provides tax credits to encourage economic development, job creation, and the retention of significant numbers of jobs in imminent danger of leaving the state. The newly created program is designed to assist qualified businesses that build, acquire, or lease space in the State with plans to create or retain full-time jobs.

Projects that invest in new or expanded business facilities that create new jobs in New Jersey.

Qualified companies can receive a maximum percentage of 20% of computed qualifying investment for small business taxpayers or 10% for other businesses.

The New Jobs Investment Tax Credit is given in five equal annual installments. The credit cannot exceed 50% of the portion of the Corporation Business Tax liability which is attributable to and the direct result of the taxpayer’s qualified investment and shall not reduce the tax liability below the statutory minimum. This tax credit is available for investment in new or expanded qualified business facilities that create new jobs in New Jersey.

Tax credit against corporation business tax liability for investments in certain manufacturing equipment and for certain increased employment.

Available from the New Jersey Division of Taxation, the Manufacturing Equipment and Employment Investment Tax Credit provides a credit against corporation business tax liability for investments in certain manufacturing equipment and for certain increased employment.

The manufacturing equipment portion of the credit is limited to 2% (4% for companies with 50 employees or less) of the net cost of qualified equipment up to a maximum allowed credit of $1 million. The employment investment portion of the credit is computed for each of the two succeeding years following the year a credit is allowed for the equipment investment. The tax credit in these years is limited to 3% of the net cost of qualified equipment, not to exceed $1,000 per job created directly related to the equipment.