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Bill > S2125
NJ S2125
NJ S2125Provides incentives for certain businesses associated with military installations.
summary
Introduced
03/05/2018
03/05/2018
In Committee
03/05/2018
03/05/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill modifies current business incentive programs consistent with recommendations set forth in the July 2015 report by the New Jersey Military Installment Growth and Development Task Force in order to encourage businesses to undertake innovative projects related to the missions and operations of military installations located within New Jersey. The bill establishes incentives for businesses to engage in projects involving science, technology, engineering, math, or research and development (STEM/R&D), that are related to and supportive of the missions and operations of a New Jersey military installation, and are located within a five-mile radius of the outer boundary of a military installation in this State. For those businesses, the bill: · amends a small business loan program to establish eligibility for reduced interest rate loans for projects involving STEM/R&D related to and supportive of the missions and operations of a New Jersey military installation and located within a five-mile radius of a military installation in this State; · amends the Grow New Jersey Assistance Program, to make an area located on commercial property within a five-mile radius of a military installation in this State an area qualified for the program; a project that locates in one of these areas, meets the capital and employment requirements, for which the program incentives are a material factor, demonstrates the required net positive benefit and other qualifiers may receive Grow New Jersey benefits; · establishes a Grow New Jersey tax credit bonus of $500 per employee if the qualifying project located within a five-mile radius of a military installation in this State is used in connection with projects involving STEM/R&D related to and supportive of the missions and operations of a New Jersey military installation; and amends a program that streamlines the review and issuance of permits to make a business project located within a five-mile radius of a military installation in this State and used in connection with projects involving STEM/R&D related to and supportive of the missions and operations of a New Jersey military installation eligible for assistance.
AI Summary
This bill modifies current business incentive programs to encourage businesses to undertake innovative projects related to the missions and operations of military installations located within New Jersey. The bill establishes incentives for businesses to engage in projects involving science, technology, engineering, math, or research and development that are related to and supportive of the missions and operations of a New Jersey military installation and are located within a five-mile radius of the outer boundary of a military installation in the state. The bill amends a small business loan program to offer reduced interest rate loans for such projects, expands the Grow New Jersey Assistance Program to include areas within a five-mile radius of a military installation, establishes a Grow New Jersey tax credit bonus for such projects, and amends a program to streamline the review and issuance of permits for business projects located within a five-mile radius of a military installation and used in connection with these types of projects.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee (on 03/05/2018)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/S2500/2125_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S2500/2125_I1.PDF |
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