Bill Text: NJ A2356 | 2024-2025 | Regular Session | Introduced
Bill Title: Establishes advertisement grant program for emerging businesses in science and technology.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced) 2024-06-06 - Reported and Referred to Assembly Appropriations Committee [A2356 Detail]
Download: New_Jersey-2024-A2356-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Assemblyman CHRIS TULLY
District 38 (Bergen)
Assemblywoman CAROL A. MURPHY
District 7 (Burlington)
Assemblyman ROY FREIMAN
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Co-Sponsored by:
Assemblyman Wimberly, Assemblywomen Park and Lopez
SYNOPSIS
Establishes advertisement grant program for emerging businesses in science and technology.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act establishing an advertisement grant program for emerging businesses in science and technology and supplementing P.L.1974, c.80 (C.34:1B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. As used in P.L. , c. (C. ) (pending before the Legislature as this bill):
"Authority" means the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
"Emerging business in science and technology" means a company with fewer than 225 employees, of whom at least 75 percent are filling a position in New Jersey, which company is doing business, employing or owning capital or property, or maintaining an office in this State. An "emerging business in science and technology" additionally means a business that conducts technology commercialization in this State in at least one of the following industries: advanced computing, advanced materials, biotechnology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, or renewable energy technology.
2. a. The New Jersey Economic Development Authority shall develop and administer a "New Jersey Emerging Business Advertising Grant Program" to stimulate economic development in the State by supporting the advertising and marketing expenses of emerging businesses in science and technology.
b. (1) An applicant for a grant pursuant to this section shall apply to the authority, in a form and manner as determined by the authority, and shall include such information as the authority determines is necessary in consideration of the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill).
(2) In order to receive a grant from the authority pursuant to P.L. , c. (C. ) (pending before the Legislature as this bill) the applicant shall:
(a) be an emerging business in science and technology; and
(b) comply with any other criteria established by the authority pursuant to rules and regulations adopted pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill).
(3) The authority may approve applications for the grant program on a rolling basis, subject to the availability of funds and the rules and regulations adopted pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill).
c. (1) The grants provided under this section shall be issued in such amounts as the authority deems appropriate, subject to the terms and conditions prescribed by the authority.
(2) Subject to any additional terms or conditions that may be prescribed by the authority, each grant issued pursuant to this section shall be used exclusively to support advertising and marketing costs.
d. The recipient of a program grant shall submit an audited financial statement to the authority on a yearly basis in order to ensure the applicant has properly used the grant and the applicant remains an eligible emerging business in science and technology until such time as all grant monies have been expended.
If the authority determines that a recipient of a program grant improperly used the grant, the authority shall convert the grant to a loan pursuant to rules and regulations adopted by the authority pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill).
3. The New Jersey Economic Development Authority shall adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations necessary to effectuate the purposes of P.L. , c. (C. ) (pending before the Legislature as this bill).
4. This act shall take effect immediately.
STATEMENT
This bill requires the New Jersey Economic Development Authority (authority) to establish a "New Jersey Emerging Business Advertising Grant Program" to provide funds to emerging businesses in science and technology to support advertising and marketing expenses.
The bill defines "emerging business in science and technology" to mean a company with fewer than 225 employees, of whom at least 75 percent are filling a position in New Jersey, which company is doing business, employing or owning capital or property, or maintaining an office in this State. An "emerging business in science and technology" is additionally a business that conducts technology commercialization in this State in at least one of the following industries: advanced computing, advanced materials, biotechnology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, or renewable energy technology. To qualify for the grant program, the business is required to be an emerging business in science and technology. The authority may establish any other eligibility requirements that it deems appropriate. The authority is required to determine the amounts of each grant awarded under the program.
The bill also requires grant recipients to submit an audited financial statement to the authority to demonstrate compliance with the terms and conditions of the grant program on a yearly basis until all monies have been expended. If a recipient improperly uses the grant, the authority is required to convert the grant to a loan.
