summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill establishes, subject to appropriation, the Emerging Technology Urban Grant Program (program) in the New Jersey Economic Development Authority (EDA) for the purpose of awarding grants to qualifying emerging technology businesses in order to encourage the businesses to locate in one of four urban technology zones to acquire cloud computing services that will facilitate the business's growth and creation of full-time employment. The bill establishes an urban technology zone in Newark, Trenton, Camden, and New Brunswick. The Chief Executive Officer of the EDA is to approve for grant eligibility an emerging technology business that meets certain requirements provided in the bill. The Chief Executive Officer is to issue payment of the grant upon the submission of proof by an approved emerging technology business that the business has fulfilled the eligibility requirements established pursuant to the bill, has maintained required increases in full-time employment or revenue growth, and any other requirements determined by the EDA. The submission of proof is to be subject to review and audit by the EDA and the Department of Labor and Workforce Development. This bill provides that the value of the grant is to be up to $125,000 per quarter for two years, provided that no grantee receives more than $1,000,000 in grants over the duration of the program. The sum of grants awarded under the program is not to exceed $80,000,000, with no more than $20,000,000 granted to businesses in each urban technology zone. The bill provides that, in addition to any monies appropriated to the EDA to effectuate the purposes of bill, the program is to also be credited with any additional monies made available by the EDA for the purposes of the program and monies received by the EDA from any public or private source for the purposes of the program.
AI Summary
This bill establishes the Emerging Technology Urban Grant Program within the New Jersey Economic Development Authority (EDA) to provide financial assistance to qualifying emerging technology businesses, defined as companies involved in developing new technologies like biotechnology or information technology, to encourage them to locate in one of four designated urban technology zones: Newark, Trenton, Camden, and New Brunswick. The program aims to boost economic growth and job creation by helping these businesses cover the costs of cloud computing services, which are on-demand computing resources accessed over the internet for tasks like data storage and applications. To be eligible, businesses must commit to maintaining their headquarters in an urban technology zone for at least five years, have 100 or fewer full-time employees, and demonstrate a significant increase in either full-time employment or gross revenue in the year prior to applying. Grants can be up to $125,000 per quarter for two years, with a lifetime cap of $1,000,000 per business, and the total program funding is capped at $80,000,000, with no more than $20,000,000 allocated to each urban zone. The EDA will oversee the program, requiring businesses to provide proof of eligibility, continued growth, and payment for cloud computing services, with the Department of Labor and Workforce Development involved in audits. The bill also allows the EDA to accept additional public and private funds for the program and mandates a review of its performance and economic impact within two years of enactment.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S2210 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2210_I1.HTM |
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