Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey with income tax rate.
New Jersey S1217 establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey. The program allows qualified manufacturers to deposit up to $100,000 annually into a manufacturing reinvestment account for up to five years. Earnings in the account are not taxed until withdrawn. For withdrawals made during the account's five-year life for spending on New Jersey-based manufacturing equipment, machinery, or workforce development, the business would receive a one-half rate reduction on the withdrawn account earnings.
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