New Jersey expanded a tax credit program to promote emerging tech companies, and legislators acted on two energy bills in May. The Assembly also voted to designate May as “Small Business Month.”
Here are the details:
Angel Investor Tax Credit Expansion, S-158 (Madden, D-4; Cruz-Perez, D-5)/A-3631 (Quijano, D-20; Schaer, D-36)
Signed into law May 1
NJBIA position: support
The new law extends the successful Angel Investor Tax Credit Program to the holding companies of qualified New Jersey emerging technology companies, instead of requiring investors to provide funds directly to the subsidiary. Also, for investments made by New Jersey S corporations, the law allows shareholders receiving a distributive credit to claim those credits to reduce gross income tax liability. The program promotes investments in qualified emerging technology companies by allowing investors to deduct the cost of their investment from their state taxes. In 2016, the state approved 251 applications through the program, which represented over $96 million in private capital.
Read NJBIA press release here.
Greenhouse Gas Initiative, S-3059 (Sweeney, D-3; Smith, D-17) / A-4701 (Eustace, D-38; Zwicker, D-16
Passed Assembly May 22 and the Senate May 25
NJBIA position: oppose
The bill would require New Jersey to rejoin the Regional Greenhouse Gas Initiative (RGGI) and could lead to higher energy costs for businesses and consumers. New Jersey withdrew from RGGI six years ago. The bill is unnecessary because New Jersey’s energy generator sector is already among the cleanest in the nation, and New Jersey is by far the cleanest energy generator in PJM, which coordinates the movement of wholesale electricity in 13 states.
Read NJBIA press release here.
Energy Storage Analysis, S-3064 (Smith, D-17; Thompson, R-12)
Released by Senate Environment and Energy Committee May 1
NJBIA position: support
Under this bill, the Board of Public Utilities (BPU) and electric public utilities with consultation by PJM would conduct an energy storage analysis in consultation with the Laboratory for Energy Smart Systems at Rutgers. The goal is to improve the effectiveness of energy storage and in the process, substantially cut costs and increase reliability. It could allow New Jersey to build up a reserve of energy to be used when the demand is high, like during the summer when air conditioners run.
Read NJBIA press release here.
Small Business Month, AJR-52 (DeAngelo, D-14; Quijano, D-20).
Passed Assembly May 22
NJBIA position: support
NJBIA Supports Small Business Resolution
The Assembly recognized the important role small businesses play in New Jersey by voting to designate each May as “Small Business Month.” Small businesses are also the largest part of New Jersey’s economy, as the state’s 820,000 small businesses employ 1.7 million people. NJBIA believes small businesses deserve recognition for their contributions to the state’s economy and quality of life.
Read NJBIA press release here.
Fichtner confirmed as Commissioner of the NJ Department of Labor
Senate vote May 25
Aaron R. Fichtner, Ph.D., has been confirmed as the Commissioner of the New Jersey Department of Labor and Workforce Development. He was appointed Acting Commissioner by Gov. Chris Christie on September 23 to succeed outgoing commissioner Harold Wirths.
