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NJ S123
Bill
Status
1/9/2024
Primary Sponsor
Nilsa Cruz-Perez
Click for details
AI Summary
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Creates "military support business" category for small businesses conducting STEM or research and development projects related to New Jersey military installation missions, located within five miles of a military installation
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Offers reduced interest rate loans (up to 25 basis points below average) through the New Jersey Economic Development Authority's small business loan program for qualified military support businesses
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Expands "Grow New Jersey Assistance Program" eligibility to include commercial properties within a five-mile radius of military installations as qualified incentive areas
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Provides additional $500 per year tax credit bonus per employee for businesses engaged in STEM/R&D projects supporting military installation missions and located within five miles of those installations
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Requires the Secretary of State to assign a dedicated contact person to assist businesses with permit applications for projects supporting military installation operations within the five-mile radius
Legislative Description
Provides incentives for certain businesses associated with military installations.
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/9/2024