New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S367

Introduced
1/9/24  

Caption

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

Impact

The enactment of this bill will significantly affect state laws surrounding economic development and public-private partnerships. It will provide a structured approach for investing in fusion technology businesses, which is viewed as a crucial step towards establishing a foothold in the rapidly evolving sector of energy innovation. By enabling EDA to invest in fusion-related companies, the state aims to improve its competitive edge in the national energy landscape, while also generating job opportunities and fostering innovation.

Summary

Senate Bill 367, also known as the Fusion Technology Industry Promotion Act, establishes a comprehensive program aimed at promoting the fusion technology industry within New Jersey. This legislation mandates the New Jersey Economic Development Authority (EDA) to establish a Fusion Technology Industry Development Program that will facilitate the attraction of fusion technology businesses to the state. Key components of the program include research on commercial opportunities, technical and financial assistance for businesses, and representation of New Jersey firms in national and international markets through various platforms such as conferences and seminars.

Contention

However, the implementation of SB 367 may encounter points of contention, particularly regarding the extent of public funding involved in private enterprises. Questions may arise concerning the balance between public investment and private sector profit expectations, along with transparency requirements for companies receiving public funds. Furthermore, there might be debate over the allocation of resources to different energy sectors and their respective environmental impacts. Some stakeholders might argue that prioritizing fusion technology could detract from investments in alternative renewable energy sources, thus igniting discussions on energy policy priorities in New Jersey.

Companion Bills

NJ S220

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

Previously Filed As

NJ S220

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

NJ S992

Establishes NJ Fusion Technology Industry Commission.

NJ S395

Establishes NJ Fusion Technology Industry Commission.

NJ S366

Provides that fusion energy and fusion technology companies are eligible to receive benefits under certain economic incentive programs.

NJ S4070

Establishes Fusion Energy and Technology Incentive Program in EDA to encourage use of power plants for fusion energy and technology purposes; authorizes funds in Global Warming Solutions Fund to support fusion energy and technology facilities.

NJ S219

Provides that fusion energy and fusion technology companies are eligible to receive benefits under certain economic incentive programs.

NJ A1835

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.

NJ A1614

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.

NJ S547

Establishes "Innovation Partnership"; provides funding for certain nonprofit partnerships to promote certain emerging technology businesses.

NJ S1580

Establishes "Innovation Partnership"; provides funding for certain nonprofit partnerships to promote certain emerging technology businesses.

Similar Bills

NJ S220

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

NJ A1614

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.

NJ A1835

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.

NM HB12

Advanced Energy Technology Act

HI SB1482

Relating To Aerospace Development.

HI SB2081

Relating To Economic Development.

NJ A604

Establishes Clean Energy Technology Center and Alternative and Clean Energy Investment Trust Fund for purposes of creating clean energy-related employment opportunities; allocates revenues from societal benefits charge to support its activities.

NJ A940

Establishes Clean Energy Technology Center and Alternative and Clean Energy Investment Trust Fund for purposes of creating clean energy-related employment opportunities; allocates revenues from societal benefits charge to support its activities.