Bill Text: NJ A1808 | 2014-2015 | Regular Session | Amended

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Bill Title: Requires corporations qualifying for certain State development subsidy grants to repay entire grant amount if corporation fails to uphold grant terms.*

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Engrossed - Dead) 2015-11-16 - Referred to Senate Budget and Appropriations Committee [A1808 Detail]

Download: New_Jersey-2014-A1808-Amended.html

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[First Reprint]

ASSEMBLY, No. 1808

STATE OF NEW JERSEY

216th LEGISLATURE

PRE-FILED FOR INTRODUCTION IN THE 2014 SESSION

 

 

Sponsored by:

Assemblyman  GILBERT "WHIP" L. WILSON

District 5 (Camden and Gloucester)

Assemblywoman  SHEILA Y. OLIVER

District 34 (Essex and Passaic)

Assemblyman  CRAIG J. COUGHLIN

District 19 (Middlesex)

Assemblywoman  MARLENE CARIDE

District 36 (Bergen and Passaic)

Assemblyman  BENJIE E. WIMBERLY

District 35 (Bergen and Passaic)

 

Co-Sponsored by:

Assemblywoman Jimenez

 

 

 

 

SYNOPSIS

     Requires corporations qualifying for certain State development subsidy grants to repay entire grant amount if corporation fails to uphold grant terms.

 

CURRENT VERSION OF TEXT

     As reported by the Assembly Commerce and Economic Development Committee on June 5, 2014, with amendments.

 

An Act concerning State development subsidy grants to certain corporations and amending P.L.2007, c.200.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Section 10 of P.L.2007, c.200 (C.52:39-10) is amended to read as follows:

     10.  a.  Any recipient corporation that knowingly makes a false material misrepresentation in any application, report or other disclosure that the recipient corporation is required to make pursuant to [this act] P.L.2007, c.200 (C.52:39-1 et seq.) shall refund any development subsidy to the granting body.  The granting body may include provisions for the refund as part of an agreement to provide a development subsidy and may pursue an action to collect the amount of the refund plus any attorney fees and other costs of the action.

     b.    ¹[If] Except as otherwise provided by law, if¹ a recipient corporation fails to uphold the terms of any agreement involving a development subsidy in the form of a grant that is issued by a public body to the recipient corporation, the recipient corporation shall refund the full amount of the grant to the public body.  The granting body shall include provisions for the refund as part of an agreement to provide a development subsidy and may pursue an action to collect the amount of the refund plus any attorney fees and other costs of the action.

(cf: P.L.2007, c.200, s.10)

 

     2.    This act shall take effect immediately.