Creates "New Jersey Life Sciences Internship Challenge" program.
Impact
The enactment of this bill may lead to an increase in internship opportunities within New Jersey's growing life sciences sector, potentially boosting the state's economy. By engaging students in hands-on experiences, the bill hopes to foster career development in fields vital to public health and innovation. The New Jersey Economic Development Authority is tasked with administering the program and will limit the number of subsidized internships to 150 each academic year, which can help manage program costs and ensure quality internship placements.
Summary
Assembly Bill A3277 establishes the 'New Jersey Life Sciences Internship Challenge Program' aimed at providing tax credits to eligible companies that hire summer interns in the life sciences sector. This initiative specifically targets life science companies that have a research laboratory within New Jersey and employ fewer than 100 individuals. Under the program, tax credits equivalent to the interns' wages will be granted, with a maximum of $15 per hour for up to 20 hours per week over a 12-week period.
Contention
Notable points of contention surrounding this bill include concerns regarding the eligibility criteria restricting internships solely to companies with fewer than 100 employees, which may limit participation from larger firms that also contribute significantly to the state's economy. Additionally, some communities and educational institutions might question whether a focus on life sciences adequately addresses the diverse interests of students and sectors within the state. Stakeholders may argue for more inclusive criteria that allow a wider range of businesses to participate in providing internship opportunities.