Bill

Bill > S4070


NJ S4070

Establishes Fusion Energy and Technology Incentive Program in EDA to encourage use of power plants for fusion energy and technology purposes; authorizes funds in Global Warming Solutions Fund to support fusion energy and technology facilities.


summary

Introduced
01/30/2025
In Committee
05/22/2025
Crossed Over
Passed
Dead

Introduced Session

2024-2025 Regular Session

Bill Summary

Establishes Fusion Energy and Technology Incentive Program in EDA to encourage use of power plants for fusion energy and technology purposes; authorizes funds in Global Warming Solutions Fund to support fusion energy and technology facilities.

AI Summary

This bill establishes the Fusion Energy and Technology Incentive Program through the New Jersey Economic Development Authority (EDA) to encourage the development and use of fusion energy technology at power plant sites. The program offers tax credits in two main components: first, for eligible property owners who lease space at power plants to fusion energy companies, and second, for fusion energy or fusion technology companies operating facilities at power plant sites. Property owners can receive tax credits equal to 15% of rent from fusion companies and 35% of capital investments, while fusion companies can receive tax credits of 35% for their capital investments. The bill defines key terms like "fusion energy" (power generation using nuclear fusion reactions) and "fusion technology" (technologies developed to produce fusion energy). The program has annual limits of $5 million in tax credits for property owners and $10 million for fusion companies. Additionally, the bill modifies the Global Warming Solutions Fund to include fusion energy facilities as a potential recipient of funding, allocating 60% of the fund's resources to the EDA for supporting such projects. The tax credits can be applied against various state tax liabilities and can be transferred under certain conditions, with the goal of promoting innovative clean energy technologies in New Jersey.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (2)

Last Action

Referred to Senate Budget and Appropriations Committee (on 05/22/2025)

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