Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey.

The bill establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey. It provides tax deductions, deferrals, and reduced tax rates for small manufacturing businesses. Businesses can deposit up to $100,000 annually in a manufacturing reinvestment account for up to five years. Earnings in the account are not taxed until withdrawn. Withdrawals for qualified reinvestment expenditures, such as manufacturing equipment or workforce training, receive a one-half rate reduction on the withdrawn earnings.

Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey.

The bill establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey. It provides tax deductions, deferrals, and reduced tax rates for small manufacturing businesses. Businesses can deposit up to $100,000 annually in a manufacturing reinvestment account for up to five years. Earnings in the account are not taxed until withdrawn. Withdrawals for qualified reinvestment expenditures, such as manufacturing equipment or workforce training, receive a one-half rate reduction on the withdrawn earnings.