New Jersey Production Voucher Program Begins | Marcum LLP

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New Jersey Governor Phil Murphy enacted a $20 million pilot program aimed at strengthening the state’s manufacturing sector and attracting new investment. The New Jersey Manufacturing Voucher Program (MVP) provides grants to New Jersey-based manufacturers to purchase equipment needed to improve operations and profitability.

The program supports New Jersey manufacturers within targeted industries with advanced or innovative technologies; It will focus on purchasing the materials that will be used for the processes and materials synthesis.

MVP grants are worth 30% to 50% of eligible equipment, including installation, up to a maximum award amount of $250,000 per company. The program offers a higher percentage of rewards for small businesses and certified women. Minority- and Veteran-Owned Businesses (WMVB); Additional incentives will be provided to Opportunity Zones businesses or eligible businesses that purchase from a New Jersey-based manufacturer.

Eligibility

To be eligible to apply for an MVP grant:

The applicant:
- Be in a targeted industry or the equipment must be designated “advanced manufacturing.”
- Register to do business in New Jersey and maintain a valid tax exemption certificate.
- Be in good standing with the New Jersey Department of Labor and Workforce Development (LWD) and the New Jersey Department of Environmental Protection (DEP) at the time of approval.
- purchase rate; purchase order; Proforma and/or provide equipment inventory.

The device must be located and installed in New Jersey.

The total cost, including equipment and installation, must be at least $25,000.

Although both for-profit and not-for-profit corporations are eligible for MVP grants; Not included in home-based businesses.

A signed contract; Applications must be submitted prior to any commitments such as purchase or purchase deposit. Applications are expected to be available online by the end of 2022 and will be accepted on a rolling basis and remain open until all funds are committed.

The New Jersey MVP grant opportunity and its impact on your business; Or contact [email protected] for more information about other state business credits and incentive opportunities. Or for your Marcum state and local credits and incentives professional.

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