TRENTON, N.J. – Investing in state-made products supports a sound economy and stable jobs said Assemblymen Brian Bergen and Bill Moen, who introduced the Made in New Jersey Tax Credit Act this week.
“Now is the time to show businesses we are serious about supporting their productivity and getting the economy back on track. The coronavirus shutdowns put a wrench in manufacturers’ plans, but they have proven to be resilient,” said Bergen (R-Morris). “Keeping jobs and tax dollars in the state will be important to our success and we should be encouraging those investments through a tax credit.”
The bill (A5023) provides tax credits under the corporation business tax to taxpayers who purchase New Jersey made products for the purposes of retail sales, manufacturing, or a manufacturing production process.
“The effects of this pandemic remain unparalleled to anything we have seen before,” said Moen (D-Camden). “While we continue to work together as a nation and state it is imperative that we support our businesses and manufacturers in our communities. While incentivizing manufacturing in the state plays a crucial role in PPE production and distribution, this bill will help bolster the economy for small businesses, many of which employ our neighbors, family and friends.”
To qualify for the tax credit, the significant parts of a product, as well as the labor to produce that product, must have originated in New Jersey.
“To me, New Jersey-made means families and businesses staying in the state and creating a better future for all of us,” said Bergen.
The bill is sponsored by Sen. Steve Oroho and Sen. Linda Greenstein in the Senate.