Murphy Signs $500M Tax Credit Bill to Incentivize Business, Job Growth

Murphy signs $500M tax credit bill to incentivize business, job growth

KEARNY, N.J. (PIX11) -- Deep in the industrial byways of South Kearny is a longtime, family-run company. "We've been here for about 58 of [our] 60 years," said Eddie Russnow, President of MAC Products.  More Local News MAC manufactures products that support electrical infrastructure... Things you may never see or appreciate. "We make sure that the mass transit systems are reliable and keep running, as well as the electrical utilities," sai…

Governor signs $500M tax credit bill in bid to boost manufacturing

Gov. Phil Murphy speaks before signing legislation establishing the Next New Jersey Manufacturing Program at MAC Products Inc. in Kearny on Aug. 13, 2025. (Jake Hirsch/Governor’s Office)Gov. Phil Murphy signed bipartisan legislation Thursday creating a $500 million tax credit program for manufacturing businesses in a bid to expand in-state manufacturing and spur job creation, with a focus on clean energy industries. Murphy signed the bill at Mac…

Murphy signs bill strengthening manufacturing in New Jersey

Gov. Phil Murphy signed a bill Aug. 13 creating a $500 million tax credit program that provides incentives for manufacturing investment and job creation.    The Next New Jersey Manufacturing Program, administered by the New Jersey Economic Development Authority (NJEDA), provides tax credits up to $150 million per project for manufacturers and clean energy producers and reserves $100 million for clean energy businesses in the program’s first two …

Murphy signs $500M Next New Jersey Manufacturing Program

The basics: Gov. Phil Murphy signs bipartisan $500M manufacturing legislation Establishes Next New Jersey Manufacturing Program NJEDA will administer the initiative Eligible businesses include advanced manufacturing, non-retail food and beverage, defense, clean energy and life sciences Flanked by a number of lawmakers, officials and business leaders, Gov. Phil Murphy signed bipartisan legislation into law Aug. 13 that establishes the $500 milli…