Bill > A3024

Introduced Session

This bill calls for the establishment of a program within the New Jersey Economic Development Authority (EDA) to be known as the "Innovation Zone" program. The goal of the program is to encourage high-technology businesses to locate near New Jersey research institutions in certain areas of the State, and to encourage collaboration between high-technology businesses and academic institutions within innovation zones, to the mutual benefit businesses and academic institutions. The bill directs EDA to enhance incentives available under current economic assistance programs, to the extent possible, for high-technology businesses that locate in innovation zones. The EDA and the Office of the Secretary of Higher Education would also modify existing programs to promote and support collaboration between high-technology businesses and research institutions within innovation zones. The bill also directs the EDA to enlist the support of other State entities to facilitate the concentration of high-technology sectors within innovation zones. Under the bill, the EDA would establish three innovation zones based upon proximity to research institutions located in the Greater Camden, Greater New Brunswick, and Greater Newark areas. The bill defines these areas by naming specific municipalities as follows: "Greater Camden" includes Camden City, Egg Harbor Township, Galloway Township, Glassboro Borough, Harrison Township in Gloucester County, Mantua Township, and Stratford Borough; "Greater New Brunswick" includes East Windsor Township, Ewing Township, Franklin Township in Somerset County, Hopewell Township and Lawrence Township in Mercer County, New Brunswick City, North Brunswick Township, Piscataway Township, Plainsboro Township, Princeton Borough, South Brunswick Township, Trenton City, and West Windsor Township; "Greater Newark" includes Belleville Township, Clifton City, East Orange City, Hoboken City, Little Falls Township, Livingston Township, Montclair Township, Newark City, Nutley Township, and Orange City. The EDA's executive director would recommend innovation zone boundaries to the EDA board for its approval. An innovation zone may be noncontiguous and consist of subzones, each subzone surrounding one or more research institutions. The bill allows the EDA executive director to recommend to the EDA board the designation of additional innovation zones and subzones around research institutions. While the bill provides the EDA with general direction to modify existing programs to enhance incentives for high-technology firms locating in innovation zones, the bill would specifically amend the "Grow New Jersey Assistance Act," P.L.2011, c.149 (C.34:1B-242 et seq.) to enhance incentives available under that act. Under the bill, a business locating a qualified business facility in the Greater Camden Innovation Zone would qualify for the highest base tax credit amount under the Grow NJ Program, $5,000 per job, per year, and the highest gross tax credit amount under the Grow NJ Program of $15,000 per job, per year. The bill also provides that a qualified business facility located in the Greater Camden Innovation Zone could annually apply $30 million worth of GROW NJ tax credits.

AI Summary

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Pam Lampitt (D)*, 

Introduced, Referred to Assembly Science, Innovation and Technology Committee (on 02/20/2020)