Establishes Emerging Technology Urban Grant Program in EDA.
Impact
The grant program is designed to facilitate job creation and economic growth in New Jersey's urban areas. Grants of up to $125,000 per quarter for a maximum of two years can be awarded to qualifying businesses, with a total cap for the program set at $80 million. Businesses eligible for these grants must maintain their headquarters in the specified zones and demonstrate significant growth metrics, such as a 20% increase in full-time employment or annual revenues. This financial assistance is projected to accelerate the technological capabilities of local businesses and broadly enhance the economic landscape of the regions involved.
Summary
Assembly Bill A1247 establishes the Emerging Technology Urban Grant Program within the New Jersey Economic Development Authority (EDA). This program aims to incentivize the establishment of high-growth, emerging technology businesses within designated urban technology zones. Specifically, the bill allows for the awarding of grants to eligible businesses to help cover the costs associated with cloud computing services, which are considered vital for the growth of these firms. The urban technology zones outlined in the bill include Newark, Trenton, Camden, and New Brunswick, earmarking them as focal points for economic development and technological advancement.
Contention
While the bill aims to foster innovation and create high-quality jobs, it may face contention regarding its potential to favor certain types of businesses over others due to specific eligibility requirements. The focus on emerging technology companies might exclude small businesses or traditional industries that lack the technological infrastructure to compete for grants. Additionally, concerns could arise about the long-term sustainability of the technology zones and whether the concentration of funding would genuinely lead to a resurgence of these urban areas or merely shift the economic dynamics without substantial growth.
Establishes innovation zone program to stimulate technology industry clusters around New Jersey's research institutions; allows certain technology businesses located in certain innovation zones to receive certain tax credits under Grow New Jersey Assistance Program.
Establishes innovation zone program to stimulate technology industry clusters around New Jersey's research institutions; allows certain technology businesses located in certain innovation zones to receive certain tax credits under Grow New Jersey Assistance Program.
Establishes New Jersey Healthy Soils Program; establishes grant program for soil testing of urban agriculture sites; establishes Urban Agriculture Site Soil Testing Fund.