New Jersey Gov. Phil Murphy announced the Next New Jersey Manufacturing Program, which aims to create a new $500 million tax credit program that incentivizes manufacturing investment and job creation.
The New Jersey Economic Development Authority (NJEDA) will administer the program.
Under the program, eligible businesses in manufacturing industries, including advanced manufacturing, non-retail food and beverage, defense, clean energy and life sciences, can receive a tax credit award. The credit equals the lesser of 0.1% of the eligible business’s total capital investment multiplied by the number of new full-time jobs, or 25% of the eligible business’ total qualified investment, with a maximum of $150 million per project.
The NJEDA will reserve $100 million in tax credits in the first two years for clean energy product manufacturers in industries such as solar, geothermal and green hydrogen. After the first two years of the program, any unused proceeds will roll over into the general manufacturing allocation.
“The Next New Jersey Manufacturing Program will encourage manufacturers to establish and grow successful operations in New Jersey, producing impactful economic benefits for the state and its residents for generations to come," NJEDA CEO Tim Sullivan said.
The program will offer stackable bonuses to companies holding New Jersey Business Certifications, including Minority and Women Business Enterprises, businesses located in Opportunity Zones or companies that have collective bargaining agreements or labor harmony agreements in place.
The program also looks to impact the medical industry.
“As the 'Medicine Chest of the World,’ New Jersey relies on a strong manufacturing ecosystem to produce highly advanced, technologically sophisticated and life-saving biopharma and medical device products,” HealthCare Institute of New Jersey CEO Chrissy Buteas said. "These products, from cell and gene manufacturing to complex metallurgic bone mesh implants to radioligand therapeutic products, are made in New Jersey."
For a complete list of available bonuses and more information on eligibility requirements and potential awards, click here.
The Next New Jersey Manufacturing Program adds to the NJEDA’s existing initiatives designed to bolster the state’s manufacturing industry. As of July 2025, the NJEDA has approved 431 applications across three phases of its historic New Jersey Manufacturing Voucher Program (NJMVP), providing a total of over $66.2 million in support for these companies.
In return, program awardees have committed to investing over $252.7 million in upgrading their manufacturing equipment and processes, an amount nearly four times the financial support provided by the NJEDA.
Additionally, the NJEDA sponsored the New Jersey Manufacturing Extension Program’s (NJMEP) Future Makers & Creators Tour, providing an opportunity for the state’s students to connect with industry leaders and learn about career opportunities.
