Requires certain economic incentive recipients to pay penalty for nonperformance.

This bill requires businesses receiving New Jersey Economic Development Authority (EDA) incentives - such as grants, tax credits, or loans - to pay a penalty if they fail to meet program requirements. The penalty equals the recipient’s applicable tax rate multiplied by the total value of the incentive received. The EDA must annually verify performance, notify the Division of Taxation about noncompliance, and collect penalties for deposit into the state General Fund. This applies only to new incentives approved after the bill’s effective date, with existing contracts protected from changes.