Bill
Bill > S1057
NJ S1057
Requires EDA, in consultation with Department of Agriculture, to establish loan program for certain vineyard and winery capital expenses.
summary
Introduced
01/22/2018
01/22/2018
In Committee
06/04/2018
06/04/2018
Crossed Over
10/29/2018
10/29/2018
Passed
01/31/2019
01/31/2019
Dead
Vetoed
07/23/2018
07/23/2018
Signed/Enacted/Adopted
02/07/2019
02/07/2019
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill requires the New Jersey Economic Development Authority (EDA), in consultation with the Department of Agriculture (NJDA), to establish a loan program and application process for the purpose of providing loans to eligible vineyards or wineries to pay for "qualified capital expenses," as that term is defined in the bill. Under the bill, the EDA, in consultation with the NJDA, is to provide loans to eligible vineyards or wineries to pay for qualified capital expenses. Loan amounts are to be no less than $10,000 and no greater than $100,000 to each eligible vineyard or winery, bear a rate of interest between three and five percent, and be repayable over a term of up to 10 years, as determined by the EDA and NJDA. A vineyard or winery that plans to use funds from the prospective loan to acquire more real property in order to expand its business is to be eligible for higher loan amounts with lower interest rates as determined by the EDA and NJDA.
AI Summary
This bill requires the New Jersey Economic Development Authority (EDA), in consultation with the Department of Agriculture (NJDA), to establish a loan program and application process for providing loans to eligible vineyards or wineries to pay for "qualified capital expenses," which include a wide range of equipment, infrastructure, and other items necessary for vineyard and winery operations. The loan amounts can range from $10,000 to $100,000, with interest rates between 3% and 5%, and repayment terms up to 10 years. Vineyards or wineries planning to use the loan funds to acquire more real property for business expansion are eligible for higher loan amounts and lower interest rates.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (15)
Robert Andrews (D)*,
Bob Andrzejczak (D)*,
Vin Gopal (D)*,
Eric Houghtaling (D)*,
Vincent Mazzeo (D)*,
Adam Taliaferro (D)*,
Jeff Van Drew (R)*,
Dawn Addiego (D),
Jim Beach (D),
Chris Brown (R),
Nilsa Cruz-Perez (D),
JoAnn Downey (D),
Roy Freiman (D),
Reed Gusciora (D),
Teresa Ruiz (D),
Last Action
Approved P.L.2019, c.34. (on 02/07/2019)
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