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NJ S2210
Bill
Status
1/9/2024
Primary Sponsor
Teresa Ruiz
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AI Summary
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Establishes the Emerging Technology Urban Grant Program within the New Jersey Economic Development Authority to provide grants to technology startups for cloud computing services in designated urban technology zones (Newark, Trenton, Camden, and New Brunswick)
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Eligible businesses must have 100 or fewer full-time employees, maintain U.S. headquarters in an urban technology zone for at least 5 years, and demonstrate 20% growth in employment or gross revenue in the preceding 12 months
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Grants are capped at $125,000 per quarter for two years, with a maximum of $1,000,000 per business over the program duration
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Total program funding cannot exceed $80,000,000, with no more than $20,000,000 allocated to businesses in each urban technology zone
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EDA must report to the Legislature on program performance and economic impact within two years of enactment
Legislative Description
Requires racial and gender diversity in membership to be considered for appointments to certain boards and commissions established by statute.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/9/2024