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NJ S366
Bill
Status
1/9/2024
Primary Sponsor
Joseph Pennacchio
Click for details
AI Summary
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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
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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
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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
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Adds "fusion energy" to the definition of "renewable energy technology" for purposes of the Angel Investor Tax Credit program under corporation business tax provisions
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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