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Applications open this week for the highly anticipated $500 million Next New Jersey Manufacturing Program.

The New Jersey Economic Development Authority announced that the application period will open Sept. 25.

As NJBIZ reported, Gov. Phil Murphy signed the bipartisan bill into law last month.

“This legislation marks the single largest investment in manufacturing in New Jersey’s history – $500 million in tax credits to fuel local investment and long-term job creation,” Murphy said at the Aug. 13 signing ceremony. The event took place at MAC Products Inc. in Kearny, a third-generation, family-owned business that designs and manufactures products for electrical infrastructure throughout North America.

“And I want to repeat that this has, from moment one, been a bipartisan, all-in effort,” Murphy said. “With these new businesses and jobs, we will supercharge our state’s leadership in advanced manufacturing – at the same time, we will rebuild a stable path to the middle class.”

The program is overseen by the NJEDA – and the process has ratcheted up rapidly since the bill signing.

Key things to know about the program:

• Tax credit initiative aimed at spurring significant investment, creating jobs and solidifying the state’s manufacturing industry
• Manufacturers can receive a tax credit award of up to $150 million, based on proposed new jobs and capital investment
• Eligible applicants include businesses in manufacturing industries, such as advanced manufacturing, non-retail food and beverage, defense, clean energy and life sciences
• Applications will open at 10 a.m. Sept. 25