Provides assistance to business accelerators and incubators and startup businesses located within those business accelerators and incubators.
This bill establishes two programs to support startup businesses in New Jersey. It creates a "Startup Businesses in Business Incubators Development Program" that provides financial assistance to business accelerators and incubators that support startups in specific technology fields like clean energy, life sciences, and advanced materials. The New Jersey Economic Development Authority will match 20% of funding provided by research institutions, up to $200,000 per accelerator or incubator, to help these businesses with operating expenses. The bill also provides tax credits (15% of operating expenses for seven years) for qualifying startups participating in these programs, with annual reporting requirements for the authority.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024
Last action Jan 9, 2024
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Full legislative history
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Total actions
1
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0
Committee
0
Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Science, Innovation and Technology Committee
lower
2 primary · 0 co-sponsors
Sponsors
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