New Jersey is also a national leader in chemicals, instrumentation and related products, petroleum, plastics, and electrical equipment, as well as a number of new industries such as biotechnology, fiber optics, genetic engineering, and laser technology. There are more than 1300 non-US firms from 40 countries in New Jersey. Nearly 600,000 jobs in New Jersey result from imports, exports and foreign direct investment. New Jersey ranks fifth in the nation in terms of the share of total jobs supported by subsidiaries of foreign corporations. New Jersey gained more than 65,000 jobs in 1999.
Businesses can further reduce their tax liability in several ways.
Certain investments made by companies for manufacturing equipment with a recovery life of four years or more are eligible for a credit against the New Jersey Corporation Business Tax Liability. Businesses may be eligible for a credit against New Jersey's Corporation Business Tax Liability for certain increased research expenditures in the state. The base period amounts and qualified expenditures are determined by the guidelines for the federal research credit. Companies that make certain investments in new or expanded business facilities that are directly related to the creation of new jobs may be eligible for credits against their New Jersey Corporation Business Tax Liability. Other significant job credits are available for firms expanding, retaining, or relocating new jobs in New Jersey.