Bill
Bill > S1576
NJ S1576
NJ S1576Prohibits awarding of economic development subsidy to business if payment of principal and interest on previously awarded loan or loan guarantee is greater than 24 months overdue.
summary
Introduced
02/05/2018
02/05/2018
In Committee
03/07/2019
03/07/2019
Crossed Over
12/17/2018
12/17/2018
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill prohibits a State public body from awarding an economic development subsidy to a business that previously received an economic development subsidy that was a loan or loan guarantee if the payment of principal and interest on that previously awarded loan or loan guarantee is greater than 24 months overdue.
AI Summary
This bill prohibits a State public body from awarding an economic development subsidy (a form of financial assistance) to a business that previously received an economic development subsidy in the form of a loan or loan guarantee if the payment of principal and interest on that previously awarded loan or loan guarantee is greater than 24 months overdue. The bill aims to ensure that businesses that have failed to make timely repayments on past economic development loans or loan guarantees do not receive further public assistance in the form of new subsidies.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Reported out of Assembly Committee, 2nd Reading (on 03/07/2019)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/S2000/1576_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S2000/1576_I1.PDF |
Loading...