Bill > S297

Introduced Session

This bill provides that fusion energy and fusion technology companies are eligible applicants under certain economic incentive programs. Under the bill, the New Jersey Economic Development Authority (EDA) is required to adopt rules and regulations for the administration of economic incentive programs to provide that any reference or stipulation under a program related to the development or production of renewable energy, the development of emerging technologies, or to the expansion of targeted industries in this State connected to the award of a benefit or incentive to a company is deemed to include the development or production of fusion energy or fusion technology in this State. The bill specifies that the rules and regulations are to establish eligibility requirements applicable to the different economic incentive programs and establish uniform methodologies for determining qualifications of an individual applicant that is a fusion energy or fusion technology company. The bill includes within the scope of economic incentive programs, any program administered by the EDA that offers a benefit or incentive to a person in order to stimulate economic development of new or existing renewable energy or technology company in New Jersey. The bill also makes direct corresponding changes to statutes governing the State's corporation business tax benefit certificate transfer program for emerging technology and biotechnology companies and to the New Jersey Angel Investor Tax Credit Act.

Committee Categories

Joe Pennacchio (R)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/14/2020)