Bill Text: NJ A4241 | 2014-2015 | Regular Session | Introduced
Bill Title: Establishes NJ STEM Entrepreneur Fellowship Program in DOLWD.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2015-02-24 - Introduced, Referred to Assembly Labor Committee [A4241 Detail]
Download: New_Jersey-2014-A4241-Introduced.html
Sponsored by:
Assemblyman JOSEPH A. LAGANA
District 38 (Bergen and Passaic)
SYNOPSIS
Establishes NJ STEM Entrepreneur Fellowship Program in DOLWD.
CURRENT VERSION OF TEXT
As introduced.
An Act establishing the New Jersey STEM Entrepreneur Fellowship Program using workforce development funds and amending and supplementing P.L.1992, c.43.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 9 of P.L.1992, c.43 (C.34:15D-9) is amended to read as follows:
9. a. A restricted, nonlapsing, revolving Workforce Development Partnership Fund, to be managed and invested by the State Treasurer, is hereby established to: provide employment and training services to qualified displaced, disadvantaged and employed workers by means of training grants or customized training services; provide for the other costs indicated in subsection a. of section 4 of [this act] P.L.1992, c.43 (C.34:15D-4); and facilitate the provision of education and training to youth by means of grants provided by the Youth Transitions to Work Partnership pursuant to the provisions of P.L.1993, c.268 (C.34:15E-1 et al.). All appropriations to the fund, all interest accumulated on balances in the fund and all cash received for the fund from any other source shall be used solely for the purposes specifically delineated by [this act] P.L.1992, c.43 (C.34:15D-1 et seq.).
b. During any fiscal year beginning after June 30, 2001, of the total revenues dedicated to the program during any one fiscal year: 25% shall be deposited in an account of the Workforce Development Partnership Fund reserved to provide employment and training services for qualified displaced workers; 6% shall be deposited in an account of the Workforce Development Partnership Fund reserved to provide employment and training services for qualified disadvantaged workers; 45% shall be deposited in an account of the Workforce Development Partnership Fund reserved for and appropriated to the Office of Customized Training; 3% shall be deposited in an account of the Workforce Development Partnership Fund reserved for occupational safety and health training; 5% shall be deposited in an account of the Workforce Development Partnership Fund reserved for the Youth Transitions to Work Partnership created pursuant to P.L.1993, c.268 (C.34:15E-1 et seq.); 10% shall be deposited in an account of the Workforce Development Partnership Fund reserved for administrative costs as defined in section 3 of P.L.1992, c.43 (C.34:15D-3); 0.5% shall be deposited in an account of the Workforce Development Partnership Fund reserved for the State Employment and Training Commission to design criteria and conduct an annual evaluation of the program; [and 5.5%] 2.5% shall be deposited in an account of the Workforce Development Partnership Fund to be used, at the discretion of the commissioner, for any of the purposes indicated in subsection a. of section 4 of P.L.1992, c.43 (C.34:15D-4); and 3% shall be deposited in an account of the Workforce Development Partnership Fund to be used by the New Jersey STEM Entrepreneur Fellowship Program pursuant to section 2 of P.L. c. (C. ) (pending before the Legislature as this bill).
c. Beginning January 1, 1995, through June 30, 2002, the balance in the fund as of the previous December 31, as determined in accordance with generally accepted accounting principles, shall not exceed 1.5 times the amount of contributions deposited for the calendar year then ended. If the balance exceeds this amount, the excess shall be deposited into the unemployment compensation fund within seven business days of the date that the determination is made.
d. Beginning July 1, 2002, and for any subsequent fiscal year, if the unexpended cash balance in any of the accounts indicated in subsection b. of this section, less any amount awarded in grants but not yet disbursed from the account, is determined to exceed 20% of the amount of contributions collected for deposit in the account pursuant to this subsection during the fiscal year then ended, the excess shall be regarded as an unemployment compensation contribution and deposited into the unemployment compensation fund within seven business days of the date that the determination is made.
(cf: P.L.2001, c.152, s.12)
2. (New section) a. The Department of Labor and Workforce Development, in consultation with the New Jersey Economic Development Authority and the Secretary of Higher Education, shall establish the New Jersey STEM Entrepreneur Fellowship Program.
b. The New Jersey STEM Entrepreneur Fellowship Program shall be funded through the funds reserved for that program from the Workforce Development Partnership Fund pursuant to section 9 of P.L.1992, c. 43 (C.34:15D-9). The funds shall be distributed by the department as follows:
(1) The department shall work in consultation with the New Jersey Economic Development Authority and the Secretary of Higher Education to fund, no less than 20 fellowships, administered by the department, which focus on supporting entrepreneurs in the Science, Technology, Engineering and Mathematics (STEM) fields. The fellowships may be provided to individuals who have proven to the department that they have an idea to create, advance or develop a product in the STEM field which will have a beneficial impact on society and will result in a self-sustaining business in the future.
(2) The fellowships shall be issued for three years each and shall be used primarily to support the entrepreneurs in commercializing the idea and developing a well structured business.
(3) Priority will be given to fellowships which are submitted with the support of an incubator supported by the State of New Jersey or any of its public entities.
c. The department, in consultation with the New Jersey Economic Development Authority, shall promulgate rules and regulations providing for the establishment, administration and evaluation of the New Jersey STEM Entrepreneur Fellowship Program.
d. The department, in consultation with the New Jersey Economic Development Authority, shall conduct an evaluation of the effectiveness of the New Jersey STEM Entrepreneur Fellowship Program to establish new businesses no later than five years after the approval of the first fellowship.
3. This act shall take effect immediately.
STATEMENT
This bill will dedicate workforce development funds for a New Jersey STEM Entrepreneur Fellowship Program in the Department of Labor and Workforce Development. The program will be designed by the department in consultation with the New Jersey Economic Development Authority and the Secretary of Higher Education.
The program will provide no less than 20 fellowships, administered by the department, which focus on supporting entrepreneurs in the Science, Technology, Engineering and Mathematics (STEM) fields. The fellowships may be provided to individuals who have proven to the department that they have an idea to create, advance or develop a product in the STEM field which will have a beneficial impact on society and which will result in a self-sustaining business in the future. Priority will be given to fellowships which are submitted with the support of an incubator supported by the State of New Jersey or any of its public entities.
The bill requires the department to establish an evaluation of the fellowship program five years after enactment of the bill to determine the effectiveness of the program.
