Bill Text: NJ A2357 | 2024-2025 | Regular Session | Introduced
Bill Title: Establishes Office of Financial Assistance in EDA to help eligible entities access opportunities for public financial assistance; requires office to develop common application platform.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced) 2024-01-09 - Introduced, Referred to Assembly Science, Innovation and Technology Committee [A2357 Detail]
Download: New_Jersey-2024-A2357-Introduced.html
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Assemblyman CHRIS TULLY
District 38 (Bergen)
Assemblyman ROY FREIMAN
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Assemblywoman LINDA S. CARTER
District 22 (Somerset and Union)
Co-Sponsored by:
Assemblywoman Reynolds-Jackson, Assemblyman Wimberly, Assemblywomen Park and Lopez
SYNOPSIS
Establishes Office of Financial Assistance in EDA to help eligible entities access opportunities for public financial assistance; requires office to develop common application platform.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act establishing an Office of Financial Assistance in the New Jersey Economic Development Authority and supplementing Title 34 of the Revised Statutes.
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).
"Board" means the board of the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
"Chief executive officer" means the Chief Executive Officer of the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
"Eligible entity" means a company with fewer than 225 employees, of which 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 within the State. An "eligible entity" additionally means a company doing business 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.
"Federal agency" means any department, administration, commission, board, bureau, office, establishment, agency, authority, or instrumentality of the United States.
"Office" means the Office of Financial Assistance established pursuant to section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill).
"Public financial assistance" means any form of financial assistance, including, but not limited to, grants, loans, loan guarantees, and tax credits, that is made available to eligible entities by a State agency or federal agency.
"State agency" means any of the principal departments in the Executive Branch of the State Government, and any division, board, bureau, office, commission, or other instrumentality within or created by such department and any independent State authority, commission, instrumentality, or agency that is authorized by law to award public financial assistance.
2. a. There is established the Office of Financial Assistance within the New Jersey Economic Development Authority. The office shall be responsible for helping eligible entities access available sources of public financial assistance.
b. The board shall appoint a director of the office, which person shall have demonstrated experience in administering one or more public financial assistance programs. The director shall be responsible for overseeing the operations of the office under the direction of the chief executive officer. The authority shall employ such professional and administrative staff as are necessary to effectuate the duties and responsibilities of the office.
c. In addition to any other duties and responsibilities that may be prescribed by the board or the chief executive officer, the office shall:
(1) provide technical assistance to eligible entities concerning the identification of available sources of public financial assistance, the application for public financial assistance, and the compliance with any terms and conditions imposed upon the receipt of public financial assistance;
(2) develop and update, as necessary, the common application platform required pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill); and
(3) coordinate with State agencies and federal agencies, on a regular basis, to determine the availability of new sources of public financial assistance.
3. a. The office shall develop, or cause to be developed, a common application platform through which eligible entities may electronically apply for any sources of public financial assistance made available by State agencies.
b. In addition to any other functionalities that the office may deem appropriate, the common application platform shall, to the extent practicable, allow an eligible entity to:
(1) identify all available sources of public financial assistance;
(2) input any information or documentation that may be required by a State agency as part of the application for public financial assistance, which information and documentation may be stored on the platform by an eligible entity for use in other applications;
(3) simultaneously submit applications for any sources of public financial assistance made available by a State agency; and
(4) monitor the status of all applications for public financial assistance submitted through the platform.
c. Notwithstanding any provision of law or regulation to the contrary, after the common application platform has been developed, every State agency that offers public financial assistance shall coordinate with the office to ensure that:
(1) all applications for public financial assistance may be submitted through the common application platform; and
(2) all information contained on the platform concerning the availability of public financial assistance is up-to-date and accurate. d. The office shall update the common application platform, as necessary, to ensure that all information contained on the platform is up-to-date and accurate.
4. This act shall take effect immediately.
STATEMENT
This bill establishes an Office of Financial Assistance (office) within the New Jersey Economic Development Authority (EDA) to help eligible entities access available sources of public financial assistance, including any grants, loans, loan guarantees, or tax credits provided by a State or federal agency.
Under the bill, the office is responsible for: (1) providing technical assistance to eligible entities concerning the identification of available sources of public financial assistance, the application for public financial assistance, and the compliance with any terms and conditions imposed upon the receipt of public financial assistance; (2) developing and updating, as necessary, the common application platform required under the bill; (3) coordinating with State agencies and federal agencies, on a regular basis, to determine the availability of new sources of public financial assistance; and (4) fulfilling any other duties and responsibilities that may be prescribed by the board or chief executive officer of the EDA.
The bill also requires the office to develop, or cause to be developed, a common application platform through which eligible entities may electronically apply for any sources of public financial assistance made available by a State agency. At a minimum, and to the extent practicable, the common application platform is required to allow an eligible entity to: (1) identify all available sources of public financial assistance; (2) input any information or documentation that may be required by a State agency as part of the application for public financial assistance, which information and documentation may be stored for use in other applications; (3) simultaneously submit applications for any sources of public financial assistance made available by a State agency; and (4) monitor the status of all applications submitted through the platform.
After the common application platform has been developed, the bill requires every State agency that offers public financial assistance to coordinate with the office to ensure that all applications for public financial assistance can be submitted through the platform and all information contained on the platform concerning the availability of public financial assistance is up-to-date and accurate. Based on this coordination, the office is required to update the platform, as necessary, to ensure that all information contained therein is up-to-date and accurate.
