Provides temporary corporation business tax and gross income tax credits for insourcing business to New Jersey.

S 1357 offers temporary tax credits to New Jersey businesses that relocate operations to the state. It provides a 35% credit for expenses moving operations from outside the U.S. and a 25% credit for expenses moving from within the U.S. but outside New Jersey, covering costs like relocating staff and eliminating overseas units. To qualify, businesses must maintain more full-time employees in New Jersey during the credit year than before relocation, and unused credits expire by 2025. If a business later reduces its New Jersey workforce, the state can recapture the credit. This bill directly affects corporations relocating operations to New Jersey under specific conditions.