4. a. The Next New Jersey Manufacturing Program is hereby established as a program under the jurisdiction of the New Jersey Economic Development Authority. The authority shall administer the program to attract new investment to New Jersey in key industries, create new jobs and economic opportunities, and position New Jersey as a leader in the manufacturing economy. Subject to the limitations set forth in subsection b. of this section, the board may approve the award of tax credits to an eligible business upon application of the chief executive officer, or equivalent officer, of the eligible business and following the payment of fees.
b. The value of all tax credits approved by the authority for eligible businesses shall be subject to the limitations set forth in section 98 of P.L.2020, c.156 (C.34:1B-362).