Bill > A2629

Introduced Session

This bill would prohibit a State public body from awarding an economic development subsidy to a business that previously received an economic development subsidy that was a loan or loan guarantee if the payment of principal and interest on the loan or loan guarantee is more than 24 months overdue. Current law prohibits a State public body from awarding an economic development subsidy to a business that previously received an economic development subsidy that was a loan or loan guarantee if the business is in default on the loan or loan guarantee. For the purposes of this bill, and current law: "State public body" means the State of New Jersey or any agency, authority, board, commission, or instrumentality of the State, but does not mean a political subdivision of the State or an agency, authority, board, commission, or instrumentality of a political subdivision of the State; and "Economic development subsidy" means the provision of an amount of funds to a recipient business by or from a State public body with a value of greater than $25,000 for the purpose of stimulating economic development in New Jersey, including, but not limited to, a loan or loan guarantee.

AI Summary

Committee Categories

Clinton Calabrese (D)*,  Vicky Flynn (R)*,  Jay Webber (R)*,  Craig Coughlin (D),  John DiMaio (R),  Aura Dunn (R),  Gerry Scharfenberger (R), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document