On October 17, 2022, New Jersey Governor Phil Murphy announced a $20 million dollar program as part of the state’s fiscal year 2023 budget to assist the manufacturing sector with an emphasis on certain targeted industries to support a portion of the acquisition price and related installation of eligible equipment.  While the program, which will be administered by the Economic Development Authority (“EDA”), remains in the planning stages, its stated goal is to provide 30% to 50% of qualified costs as a grant to the purchaser.

Based upon preliminary information released by the Governor’s office, targeted industries include:

  • Aviation
  • Advanced logistics
  • Advanced manufacturing
  • Advanced transportation
  • Advanced transportation and logistics
  • Autonomous vehicle research or development
  • Clean energy
  • Film and digital media
  • Finance and insurance
  • Hemp processing
  • High technology
  • Information technology
  • Life sciences
  • Non-retail food and beverages
  • Professional services
  • Zero-emission vehicle research or development

The program will also offer bonuses for companies that are:

  • Certified woman-, minority- and veteran-owned
  • Located in Opportunity Zones
  • Purchase manufacturing equipment from businesses in New Jersey
  • Have at least one collective bargaining agreement in place

The State’s website notes that more details on the program and an application will be made available in the coming months and that applications will be accepted on a rolling basis and remain open until all funds are committed.

The professionals at SobelCo will continue to monitor the grant program and provide updates as they become available on specific requirements and application procedures, as details follow.

About the Author

Adam Lipkin is a Member of the Firm at SobelCo. He leads engagements in the Firm’s Assurance Practice, working closely with clients across various industries with a particular focus on the manufacturing/distribution and construction sectors and the rapidly evolving areas of software, technology, and life sciences. With the State of New Jersey earning its reputation as a leader in these industries, Adam has assumed responsibility for serving businesses in these critical niches. His depth of kno...