Bill > A3747

Introduced Session

This bill requires the New Jersey Economic Development Authority (authority) to establish an "innovation zone" program within the authority to consist of three innovation zones, with each zone surrounding a research university or college or research hospital (research institution), or any combination thereof, and located in Greater Camden, Greater New Brunswick, and Greater Newark, as those areas are defined in the bill. An innovation zone is a geographic area in New Jersey that surrounds a research institution, which has the potential to attract a collaborative research effort between the academic communities, research institutions, and New Jersey's high-technology industry, resulting in business and job growth. An innovation zone may consist of one or more subzones established by the authority where an innovation zone consists of geographic areas or municipalities that are non-contiguous so long as a subzone surrounds a research institution. The executive director of the authority is to recommend the precise geographic boundaries of the innovation zones and subzones, which are to surround all research institutions within Greater Camden, Greater New Brunswick, and Greater Newark, to the board members of the authority, who are to have final approval to the geographic boundaries of the innovation zones and subzones. The bill requires the authority, with the approval of the State Treasurer, to modify its existing business assistance programs if permissible by law, to give bonuses or other enhanced incentives to high-technology businesses that are located in an innovation zone, so long as the business location is within the surroundings of a research institution, as determined by the authority in the designation of the innovation zone. The bill requires the authority and the Secretary of Higher Education (secretary) to modify their programs, if permissible by law, to promote and support networks and collaboration between high-technology businesses and research institutions in the innovation zones, to increase federal funding to research institutions in areas of strategic importance to New Jersey's high-technology industry, to promote the transfer of technology and commercialization of new ideas in the innovation zones, and to further develop support for high-technology companies in the innovation zones including, but not limited to, business incubation and grant writing assistance services. The bill requires the authority to work cooperatively with other State departments, agencies, boards, commissions, and authorities to explore and implement opportunities to direct resources to those areas within the innovation zones that surround a research institution, as determined by the authority, and may provide technology, financial, and workforce development opportunities, infrastructure, and housing elsewhere within innovation zones. With the assistance of these State entities, the executive director of the authority and the secretary may recommend potential future innovation zones and subzones surrounding other research institutions to the authority's board members to enhance cluster-based economic development strategies anchored by research institutions. The bill requires the authority to establish an advisory committee for each innovation zone whose membership is to consist of local high-technology business leaders and representatives from the research community. Each advisory committee is to meet quarterly to advise the authority and the secretary with respect to the functioning of the innovation zones and the needs of the local high-technology industry. Further, the bill allows high-technology businesses located in the innovation zone within Greater Camden that qualify for the innovation zone program and the Grow New Jersey Assistance Program to receive certain minimum tax credits for job creation and retention activity, subject to limitations under the Grow New Jersey Assistance Program.

AI Summary

Committee Categories

Daniel Benson (D)*,  Joe Danielsen (D)*,  Jamel Holley (D)*,  Pam Lampitt (D)*,  Vincent Mazzeo (D)*,  Shavonda Sumter (D)*,  Elizabeth Muoio (D), 

Reported out of Asm. Comm. with Amendments, and Referred to Assembly Appropriations Committee (on 11/30/2017)