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The Senate has advanced a bill, supported by NJBIA, that would offer tax incentives to New Jersey manufacturers who produce personal protective equipment, including coveralls, face shields, gloves, gowns, masks, respirators and other equipment designed to prevent the spread of COVID-19.
The bill, S-3015 sponsored by Senate President Stephen Sweeney (D-3) and Senator Linda Greenstein (D-14), would create a three-year incentive program offering corporation income tax credits and gross income tax credits to businesses and taxpayers who create jobs and manufacture PPE in New Jersey.
The credit would be $10,000 for each new full-time job with health insurance created through 2022, with a maximum yearly credit of $500,000. The statewide program would be capped at $10 million.
The legislation also seeks to incentivize economic redevelopment, collaboration with education institutions and apprenticeship programs by providing these additional tax credits:
- $1,000 tax credit per qualifying full-time employee per year working at a facility that is at least 250,000 square feet and had been vacant for at least seven years
- $1,500 for each qualifying full-time employee through collaboration with a state college or university
- $1,000 per qualifying full-time employee at a qualified facility in which the taxpayer has established an apprenticeship program or pre-apprenticeship program with a technical school or county college located within the state.
“NJBIA supports this legislation because it helps New Jersey’s manufacturing industry produce an in-state supply of PPE, while also creating jobs,” said NJBIA Vice President of Government Affairs Christopher Emigholz.
The bill passed 39-0 on Monday and now goes to the Assembly.