New Jersey Assembly Bill A2693

New Jersey 2022-2023 Regular Session

• Introduced: 2/14/22
• Refer: 2/14/22

Caption

Requires Business Action Center to establish "Entrepreneur Learner's Permit Pilot Program" for certain designated industries.

Impact

The implementation of the pilot program is expected to occur within six months following the bill's effective date and will last for two consecutive fiscal years. The program has a structured financial framework that limits reimbursements to a total of $500,000 per fiscal year. Notably, preferential treatment is given to women's and minority business owners, ensuring that the program actively promotes diversity in entrepreneurship. Additionally, the BAC will establish criteria for program eligibility to ensure that only first-time business owners in the specified industries can apply, thereby encouraging new entrants into the market.

Summary

Assembly Bill A2693, introduced in New Jersey, seeks to establish the "Entrepreneur Learner's Permit Pilot Program" within the Business Action Center (BAC) of the state's Department of State. The primary objective of the bill is to support first-time entrepreneurs in launching new businesses within designated industries. These industries include biotechnology, pharmaceuticals, financial services, transportation, advanced computing, environmental technology, and more. The program aims to reimburse eligible entrepreneurs for various state filing and permitting fees incurred during the business formation process, thereby reducing the financial burden associated with starting a new venture.

Contention

While the bill's proponents argue that it will foster innovation and economic growth by facilitating easier access to business formation for underrepresented groups, there may be concerns regarding the allocation of public funds. Critics could question whether the pilot program's financial limits are sufficient for meaningful impact or whether it might inadvertently create competition among applicants. Furthermore, the BAC's subsequent review of the program's effectiveness will play a crucial role in determining its future, including whether the program should be made permanent, which could fuel discussions about resource prioritization within the New Jersey government.