Establishes a manufacturing reinvestment account program to incentivize capital investment and workforce training in New Jersey with income tax rate reductions, deferrals, and accelerated deductions.

This bill creates a tax incentive program for New Jersey manufacturers with 50 or fewer employees. It allows qualifying businesses to deduct up to $100,000 annually from their taxable income for contributions to a special manufacturing reinvestment account. Funds in the account can be used for machinery/equipment purchases or workforce training at their New Jersey facility, with earnings from the account taxed at half the standard rate when used for these purposes. The tax benefits apply for five consecutive years starting when the business first contributes, after which unused funds are taxed normally.