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NJ S366

Bill

Status

Introduced

1/9/2024

Primary Sponsor

Joseph Pennacchio

Click for details

Origin

Senate

2024-2025 Regular Session

AI Summary

  • Requires the New Jersey Economic Development Authority to adopt rules making fusion energy and fusion technology companies eligible for economic incentive programs related to renewable energy development, emerging technologies, and targeted industry expansion

  • Defines "fusion energy" as power generation using heat from nuclear fusion reactions, and "fusion technology" as technology developed to permit fusion energy production or create fusion reactions

  • Amends existing law to explicitly include fusion energy and fusion technology products and services within the definition of "technology company" eligible for tax benefit programs

  • Adds "fusion energy" to the definition of "renewable energy technology" for purposes of the Angel Investor Tax Credit program under corporation business tax provisions

  • Explicitly excludes fusion energy and technology from eligibility for the New Jersey Clean Energy Program and other incentives funded through the societal benefits charge of the Universal Service Fund

Legislative Description

Provides that fusion energy and fusion technology companies are eligible to receive benefits under certain economic incentive programs.

2nd Reading in the Senate

Last Action

Reported from Senate Committee with Amendments, 2nd Reading

5/16/2024

Committee Referrals

Economic Growth1/9/2024

Full Bill Text

No bill text available