NJ
New Jersey Assembly Bill A2059

New Jersey 2024-2025 Regular Session

New Jersey Assembly Bill A2059

Introduced
1/9/24  

Caption

Makes FY 2020 supplemental appropriation of $25 million for Economic Development Authority for augmenting State's investment in technology start-up ventures.

Impact

The appropriation from the General Fund aims to directly support the Newark Venture Partners initiative, which is a public-private partnership focused on technology. By channeling these funds into technology startups, the bill is anticipated to facilitate job creation and economic growth. The financial support is designed to stimulate the local economy by potentially attracting additional investments and talent to New Jersey's technology sector.

Summary

Assembly Bill A2059 introduces a supplemental appropriation of $25 million for the Economic Development Authority of New Jersey. This funding aims to bolster the state's investment in technology start-up ventures, providing necessary financial backing to foster innovation and entrepreneurship in the region. The bill is positioned as a strategic move to enhance the state's economic landscape, especially following the fiscal planning for the year 2020.

Contention

While the bill aims to promote economic development, there may be varying viewpoints regarding the allocation of such significant funds. Some may argue that the focus on technology startups could overlook other sectors in need of investment. This discussion could lead to debates about prioritization of funds and whether such investments will yield tangible benefits for all communities in New Jersey or concentrate advantages within more affluent urban areas.

Latest A2059 Activity

Companion Bills

NJ A1245

Carry Over Makes FY 2020 supplemental appropriation of $25 million for Economic Development Authority for augmenting State's investment in technology start-up ventures.

Similar Bills

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