S 2971

This bill establishes financial incentives to promote the development of advanced nuclear energy facilities in New Jersey through two main mechanisms. First, it creates a corporation business tax credit of 15% (increasing to 25% for businesses relocating from out-of-state, minority/women/veteran-owned businesses) for manufacturers who produce equipment and components for advanced nuclear reactors and invest in manufacturing facilities within the state. Second, it establishes the New Jersey Advanced Nuclear Energy Development Program under the Economic Development Authority, though the excerpt cuts off before detailing this program's specific provisions. The tax credits can be carried forward for seven years and are limited to 50% of tax liability, aiming to attract nuclear technology manufacturers to establish or expand operations in New Jersey.