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  • NJ A1108
  • Requires corporations qualifying for certain State development subsidy grants to repay entire grant amount if corporation fails to uphold grant terms.
Introduced
(1/27/2016)
In Committee
(2/4/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill requires a private corporation that fails to uphold the terms of any subsidy grant agreement issued by a public entity of the State to refund the full amount of the grant, unless otherwise prohibited by law. To effectuate this refund requirement, the bill requires the public entity issuing the grant to include provisions for the refund as part of the grant agreement. The bill authorizes a public entity in an action to collect the subsidy grant refund plus attorney fees and other costs of collection. The bill requires the amount of any refund, attorney fees, and other costs collected by a public entity to be paid to the State Treasurer and used to provide property tax relief.
Commerce and Economic Development
Reported and Referred to Assembly Appropriations Committee  (on 2/4/2016)
 
 

Date Chamber Action Description
2/4/2016 A Reported and Referred to Assembly Appropriations Committee
2/4/2016 Assembly Commerce and Economic Development Hearing (13:00 2/4/2016 Committee Room 16, Fourth Floor)
1/27/2016 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
Detail 2/4/2016 Assembly Commerce and Economic Development Committee: Reported Favorably 10 0 2