Signed by Governor Jon Corzine

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Invest in New Jersey Business Grant Program to provide up to $70 million in capital investment grants and up to $50 million in employment grants to qualifying businesses.

Highlights:

- Specifies that the value of employment grants shall be $3,000 for each eligible position created, and caps the total amount that a business may receive at $500,000 (Sec. 4). - Defines an "eligible position" as a full-time position for which health benefits are provided by the business (Sec. 2). - Establishes the following criteria for businesses to qualify for an employment grant (Sec. 4):

- Operating continuously for two years in New Jersey prior to filing the grant application; - Employing at least 5 full-time employees; - Adding an eligible position created in New Jersey between December 1, 2008 and January 1, 2011, for a period of at least 12 consecutive months; and - Experiencing a net increase in employment of eligible positions in New Jersey during the same 12 consecutive months.

- Specifies that the value of capital investment grants shall be 7 percent of the capital investment, and caps the total amount a business may receive at $1 million (Sec. 3). - Lists the following types of capital investments for which grants may be issued (Sec. 2):

- Expenses of at least $5,000 incurred for site preparation, construction, renovation, or improvement; - Expenses of at least $5,000 incurred for obtaining and installing fixtures, machinery, apparatus, or equipment in a building, structure, or facility; and - The remediation of a business facility site, so long as the remediation has not received financial assistance from another government source.

- Caps the total amount of capital investment grants for capital investments related to obtaining and installing fixtures, machinery, apparatus, or equipment in a building, structure, or facility at $20 million (Sec. 3). - Appropriates up to $400,000 from the Long Term Obligation and Capital Expenditure Fund to the New Jersey Economic Development Authority for administrative expenses incurred in carrying out the provisions of this Act, and specifies that the appropriations must be approved by the Director of the Division of Budget and Accounting in the Department of the Treasury (Secs. 6-7).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Invest in New Jersey Business Grant Program to provide up to $70 million in capital investment grants and up to $50 million in employment grants to qualifying businesses.

Highlights:

- Specifies that the value of employment grants shall be $3,000 for each eligible position created, and caps the total amount that a business may receive at $500,000 (Sec. 4). - Defines an "eligible position" as a full-time position for which health benefits are provided by the business (Sec. 2). - Establishes the following criteria for businesses to qualify for an employment grant (Sec. 4):

- Operating continuously for two years in New Jersey prior to filing the grant application; - Employing at least 5 full-time employees; - Adding an eligible position created in New Jersey between December 1, 2008 and January 1, 2011, for a period of at least 12 consecutive months; and - Experiencing a net increase in employment of eligible positions in New Jersey during the same 12 consecutive months.

- Specifies that the value of capital investment grants shall be 7 percent of the capital investment, and caps the total amount a business may receive at $1 million (Sec. 3). - Lists the following types of capital investments for which grants may be issued (Sec. 2):

- Expenses of at least $5,000 incurred for site preparation, construction, renovation, or improvement; - Expenses of at least $5,000 incurred for obtaining and installing fixtures, machinery, apparatus, or equipment in a building, structure, or facility; and - The remediation of a business facility site, so long as the remediation has not received financial assistance from another government source.

- Caps the total amount of capital investment grants for capital investments related to obtaining and installing fixtures, machinery, apparatus, or equipment in a building, structure, or facility at $20 million (Sec. 3). - Appropriates up to $400,000 from the Long Term Obligation and Capital Expenditure Fund to the New Jersey Economic Development Authority for administrative expenses incurred in carrying out the provisions of this Act, and specifies that the appropriations must be approved by the Director of the Division of Budget and Accounting in the Department of the Treasury (Secs. 6-7).

Full Bill Text