A-2892

Sponsored by: Assemblyman WAYNE P. DEANGELO District 14 (Mercer and Middlesex)

STATEMENT

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.

The bill repeals a duplicative provision added by section 3 of P.L.2019, c.240.