Bill Text: NJ A5741 | 2022-2023 | Regular Session | Amended
Bill Title: Requires DOLWD, in collaboration with DOE, to establish database of novice teachers and to host job fairs.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2023-12-14 - Reported out of Assembly Comm. with Amendments, 2nd Reading [A5741 Detail]
Download: New_Jersey-2022-A5741-Amended.html
Sponsored by:
Assemblywoman ANNETTE QUIJANO
District 20 (Union)
SYNOPSIS
Requires DOLWD, in collaboration with DOE, to establish database of novice teachers and to host job fairs.
CURRENT VERSION OF TEXT
As reported by the Assembly Education Committee on December 14, 2023, with amendments.
An Act concerning the "New Jersey Innovation Evergreen Act" and amending P.L.2020, c.156.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 21 of P.L.2020, c.156 (C.34:1B-289) is amended to read as follows:
21. As used in sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through C.34:1B-302):
"Authority" means the New Jersey Economic Development Authority established by section 4 of P.L.1974, c.80 (C.34:1B-4).
"Director" means the Director of the Division of Taxation in the Department of the Treasury.
"Follow-on investment" means a subsequent investment made by an investor who has a previous investment in a New Jersey high-growth business.
"Full-time employee" means a person employed by a business for consideration for at least 35 hours a week, or who renders any other standard of service generally accepted by custom or practice, as determined by the authority, as full-time employment.
"Full-time employee filling a position in the State" means a full-time employee having a primary office in the State and spending at least 60 percent of the employee's work hours at that primary office.
"Fund" means the "New Jersey Innovation Evergreen Fund" established by section 23 of P.L.2020, c.156 (C.34:1B-291).
"High-growth business" means a business that is growing significantly faster than the average growth rate of the economy or is a start-up company that is investing in developing a product or new business model that will allow it to grow significantly faster than the average growth rate of the economy within the next three to five years.
"Incentive area" means an area in this State: (1) designated pursuant to the "State Planning Act," P.L.1985, c.398 (C.52:18A-196 et seq.), as Planning Area 1 (Metropolitan); or (2) that has been designated as a qualified opportunity zone pursuant to 26 U.S.C. s.1400Z-1.
"Innovation ecosystem" means funding, programs, and events that support the establishment and expansion of high-growth companies in targeted sectors. Examples of such funding, programs, and events include: mentoring programs for start-ups, meet-up or networking events, funding for locating a business in a collaborative workspace, programs that provide business services, and entrepreneurial education to companies.
"Opportunity zone" means a federal population census tract in this State that was eligible to be designated as a qualified opportunity zone pursuant to 26 U.S.C. s.1400Z-1 as may be amended.
"Principal business operations" means any of the following: (1) at least 50 percent of the business's employees [, who are] not primarily engaged in retail sales [,] reside in the State [, or] ; (2) at least 50 percent of the business's payroll for employees not primarily engaged in retail sales is paid to individuals living in [this] the State; (3) at least 50 percent of the business's full-time employees not primarily engaged in retail sales are filling a position in the State; or (4) at least 50 percent of the business's payroll for employees not primarily engaged in retail sales is paid to full-time employees filling a position in the State.
"Program" means the New Jersey Innovation Evergreen Program established by section 22 of P.L.2020, c.156 (C.34:1B-290).
"Purchaser" means an entity registered to do business in this State with the Director of the Division of Revenue and Enterprise Services in the Department of the Treasury that purchases an allocation of tax credits under the program.
"Qualified business" means a business that, at the time of the first qualified investment in the business and throughout the period of the qualified investment under the program, is registered to do business in this State with the Director of the Division of Revenue and Enterprise Services in the Department of the Treasury; has its principal business operations located in the State and intends to maintain its principal business operations in the State after receiving a qualified investment under the program; is engaged in a targeted industry; and employs fewer than 250 persons at the time of the qualified investment.
"Qualified investment" means the direct investment of money by the fund in a qualified business for the purchase of shares of stock, with an option to make an additional investment in an option or warrant or a follow-on investment, in the discretion of the authority, all of which is matched by an investment by a qualified venture firm.
"Qualified venture firm" means a venture firm that is approved by the authority as a qualified venture firm pursuant to section 29 of P.L.2020, c.156 (C.34:1B-297).
"Special purpose vehicle" means an entity controlled by or under common control with a venture firm that is formed solely for the purpose of investing in a New Jersey high-growth business alongside the venture firm.
"Targeted industry" means any industry identified from time to time by the authority which shall initially include advanced transportation and logistics, advanced manufacturing, aviation, autonomous vehicle and zero-emission vehicle research or development, clean energy, life sciences, hemp processing, information and high technology, finance and insurance, professional services, film and digital media, non-retail food and beverage businesses including food innovation, and other innovative industries that disrupt current technologies or business models.
"Venture firm" means a partnership, corporation, trust, or limited liability company that invests cash in a business during the early or expansion stages of a business in exchange for an equity stake in the business in which the investment is made. Venture firm may include a venture capital fund, a family office fund, or a corporate investor fund, provided that a professional manager administers the venture firm.
(cf: P.L.2020, c.156, s.21)
2. a. The 1Department of Labor and Workforce Development, in collaboration with the1 Department of Education1,1 shall, within 180 days of the effective date of this act, establish and maintain a database of novice teachers that shall be available to school districts and novice teachers to assist in filling staffing vacancies. The database shall not be available to the general public.
b. The 1Commissioner of Education shall provide the following information for each novice teacher to the Department of Labor and Workforce Development to be included in the1 database 1[shall include the following information for each novice teacher] established pursuant to subsection a. of this section1:
(1) the novice teacher's name, telephone number, email address, and method by which a school district may contact the novice teacher;
(2) the novice teacher's current employment status;
(3) the certificate and endorsement held by the novice teacher; and
(4) any other information the Commissioner of Education deems necessary.
c. The 1[department] Commissioner of Labor and Workforce Development1 shall develop a mechanism by which a novice teacher may opt out of inclusion in the database. A novice teacher may request to be excluded from the database at any time.
d. A novice teacher may request 1[the department limit]1 the contact information included in the database pursuant to paragraph (1) of subsection b. of this section 1be limited1 to a preferred method of contact. The 1[department] Commissioner of Labor and Workforce Development1 shall comply with a request made by a novice teacher pursuant to this subsection.
3. a. The 1Department of Labor and Workforce Development, in collaboration with the1 Department of Education1,1 shall hold three job fairs per year to assist school districts in filling staffing vacancies, with one job fair held in each of the northern, central, and southern regions of the State.
b. (1) The 1[department] Commissioner of Education1 shall invite school districts to participate in the job fairs.
(2) The job fair shall be open to novice teachers included in the database established pursuant to section 2 of this act, individuals enrolled in an educator preparation program, and any other individual appropriately certified to work in a public school in the State.
c. The 1[department] Commissioner of Labor and Workforce Development1 shall notify each novice teacher included in the database established pursuant to section 2 of this act of the date, time, and location of each job fair.
d. The 1[department] Commissioner of Labor and Workforce Development1 may charge employer participants a reasonable, nominal fee to participate in a job fair held pursuant to this section. The fee obtained pursuant to this subsection shall only be used to cover costs associated with identifying and securing a location for the job fair, hospitality services, and other administrative costs as determined by the commissioner.
4. Section 27 of P.L.2020, c.156 (C.34:1B-295) is amended to read as follows:
27. a. A purchaser may apply to the authority and the director for a tax credit transfer certificate [, in the privilege period during which the director allows the purchaser a tax credit pursuant to sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through C.34:1B-302),] in lieu of the purchaser being allowed to apply any amount of the tax credit against the purchaser's State tax liability. A tax credit may be sold or assigned, in full or in part, to another person that may have a tax liability pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and C.54:18A-3), section 1 of P.L.1950, c.231 (C.17:32-15), or N.J.S.17B:23-5. The tax credit transfer certificate provided to the purchaser shall include a statement waiving the purchaser's right to claim the credit that the purchaser has elected to sell or assign.
b. The purchaser shall not sell or assign a tax credit transfer certificate allowed under this section for consideration received by the purchaser of less than 85 percent of the transferred credit amount before considering any further discounting to present value which shall be permitted. The tax credit transfer certificate issued to a purchaser by the director shall be subject to any limitations and conditions imposed on the application of State tax credits pursuant to section 26 of P.L.2020, c.156 (C.34:1B-294) and any other terms and conditions that the director may prescribe.
c. A buyer or assignee of a tax credit transfer certificate pursuant to this section shall not make any subsequent transfers, assignments, or sales of the tax credit transfer certificate.
d. Ten percent of the consideration received by a purchaser from the sale or assignment of a tax credit transfer certificate pursuant to this section shall be remitted to the director and deposited in the General Fund of the State.
e. The authority shall publish on its Internet website the following information concerning each tax credit transfer certificate approved by the authority and the director pursuant to this section:
(1) the name of the transferor;
(2) the name of the transferee;
(3) the value of the tax credit transfer certificate;
(4) the State tax against which the transferee may apply the tax credit; and
(5) the consideration received by the transferor.
(cf: P.L.2020, c.156, s.27)
5. This act shall take effect immediately.
