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.

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.

Companies in good standing with other New Jersey agencies, who adhere to New Jersey’s prevailing wage and affirmative action requirements, and meet collaboration requirements.

Spurs significant investment, creates new manufacturing jobs, and solidifies New Jersey’s manufacturing industry. The competitive, transferable tax incentives encourage companies to invest their capital in New Jersey while demonstrating a commitment to long-term growth within the state.

A tax credit of up to $150 million may be awarded based on an applicant’s proposed new jobs and capital investment. The tax credit for an eligible manufacturer is determined by calculating three amounts and selecting the lowest. First, the Award Calculation is determined by multiplying 0.1% by the total capital investment and then multiplying that result by the total number of jobs. Second, the Program Award Percentage Cap limits the award to 25% of the total capital investment. Third, the Program Award Cap sets an overall maximum award amount of $150 million. The final tax credit amount will be the smallest of these three calculated values.