Provides CBT and gross income tax credits for construction or expansion of certain meat processing facilities.

This bill offers tax credits to businesses in New Jersey that build or expand rural meat processing facilities. To qualify, projects must include specific equipment like smokehouses, sausage lines, packaging areas, or cold storage units and work with regional agricultural centers to support local supply chains. Eligible companies can receive a credit equal to 20% of their project costs, or 30% if they include the required specialized equipment, with a maximum cap of $5 million per project. The total amount of credits available under this program is limited to $50 million, and unused credits can be carried forward for up to four years. Additionally, the state will require a report five years after the law takes effect to evaluate how well the program encourages new facility construction.