Bill > A2799

Introduced Session

This bill requires the Business Action Center (BAC) within the Department of State to establish an "Entrepreneur Learner's Permit Pilot Program" (pilot program) to reimburse participating new business entrepreneurs for fees related to the establishment of certain new businesses. Under the bill, the BAC is required to establish the pilot program within six months after the effective date of the bill. The pilot program is required to be administered by the BAC over a period of two consecutive fiscal years, and is intended to assist first-time entrepreneurs in starting new businesses in designated industries by providing reimbursements to qualifying entrepreneurs for State filing, permitting, or licensing fees associated with the formation of a business in the State. Under the bill, in operation with existing law, designated industries include the fields of biotechnology, pharmaceuticals, financial services, transportation and logistics, advanced computing, advanced materials, electronic device technology, environmental technology, and medical device technology. The bill requires the BAC to establish criteria for the review and approval of pilot program applications, including criteria to give priority to women's and minority businesses and to prohibit approval of applications by persons who are not first-time business owners in designated industries. The bill further provides that the BAC is to determine the manner in which to provide reimbursements to participating entrepreneurs and limits the aggregate amount of reimbursements under the pilot program to not more than $500,000 in any one fiscal year. The bill requires the BAC to adopt rules to administer the pilot program and to complete a review of the pilot program. The bill further requires the BAC to compile a report based on its review and to submit the report to the Governor and to the Legislature.

AI Summary

Committee Categories

Carol Murphy (D)*, 

Assembly Science, Innovation and Technology Hearing (15:00 3/15/2021 Registration Form) (on 03/15/2021)

Official Document