New Jersey Senate Bill S220

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

"Fusion Technology Industry Promotion Act"; establishes program to promote fusion technology industry and attract fusion technology businesses.

Impact

If enacted, the bill would enhance New Jersey's standing as a hub for fusion technology by facilitating investment from both public and private sectors. The EDA is required to inject funds into a fusion industry development company, providing a matching investment equal to other sources. This structure is designed to encourage collaborative investments from institutions like Princeton University and the Princeton Plasma Physics Laboratory, ultimately bolstering innovation and economic growth in the sector. Annual reporting will be mandated to assess the program's effectiveness and attractiveness.

Summary

Senate Bill 220, known as the 'Fusion Technology Industry Promotion Act', aims to establish a program to promote the fusion technology industry and attract fusion technology businesses to New Jersey. The bill assigns the New Jersey Economic Development Authority (EDA) to collaborate with the New Jersey Commission on Science, Innovation and Technology to develop a comprehensive Fusion Technology Industry Development Program. This program is intended to provide technical and financial support for businesses engaged in fusion technology, leverage research opportunities, and enhance state-level expertise in the industry.

Contention

Notable points of contention surrounding the bill may arise from the balance between public and private interests. While proponents argue that this public-private partnership will effectively attract cutting-edge businesses and enhance economic prospects, critics may be concerned about the allocation of public funds and the influence of private enterprises over state resources. The bill seeks to ensure that investments lead to favorable returns for taxpayers, but the oversight of the fusion industry development company and the management of the investments could be contentious issues requiring vigilant scrutiny.