Bill > A5795

This bill modifies the New Jersey Innovation Evergreen Act by making several key updates to the state's program for supporting high-growth businesses and venture investments. The bill clarifies and expands definitions related to the program, including what constitutes a "high-growth business," "targeted industry," and "qualified investment." It maintains the program's goal of investing up to $300 million in tax credits to support innovative businesses, with a specific focus on investing in targeted industries like advanced manufacturing, life sciences, and technology. The bill continues to require qualified venture firms to make investments in New Jersey businesses and provide detailed annual reporting on their investments, including employee numbers and financial performance. It introduces a goal of reserving 25% of fund money for investments in opportunity zones and mandates a disparity study to potentially create set-asides for women- and minority-owned businesses. The legislation also gives the New Jersey Economic Development Authority flexibility in adopting regulations to implement the program, allowing immediate implementation of rules for up to 180 days upon filing. Overall, the bill aims to strengthen New Jersey's innovation ecosystem by providing more structured support for emerging businesses and venture capital investments within the state.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A5795