Bill Text: NJ A3454 | 2024-2025 | Regular Session | Introduced
Bill Title: Requires Business Action Center to establish "Entrepreneur Learner's Permit Pilot Program" for certain designated industries.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-02-05 - Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee [A3454 Detail]
Download: New_Jersey-2024-A3454-Introduced.html
Sponsored by:
Assemblywoman CAROL A. MURPHY
District 7 (Burlington)
SYNOPSIS
Requires Business Action Center to establish "Entrepreneur Learner's Permit Pilot Program" for certain designated industries.
CURRENT VERSION OF TEXT
As introduced.
An Act requiring the establishment of a pilot program to assist first-time entrepreneurs and supplementing P.L.1948, c.445 (C.52:16A-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. No later than six months after the effective date of P.L. , c. (C. ) (pending before the Legislature as this bill) the Business Action Center within the Department of State shall develop, establish, and implement a two-year "Entrepreneur Learner's Permit Pilot Program" that shall be administered by the center over a period of two consecutive fiscal years. The purpose of the pilot program shall be to encourage and assist first-time entrepreneurs in starting new businesses in designated industries by providing reimbursements to qualifying entrepreneurs for State filing, permitting, or licensing fees associated with the formation of a qualifying business in the State.
b. Prior to the formation of the business for which the entrepreneur seeks reimbursement of the fees described in subsection a. of this section, an applicant seeking to participate in the pilot program shall submit an application for pilot program eligibility to the center in a form and manner prescribed by the center. The center shall establish criteria for the review and approval of pilot program applications, provided that the center shall:
(1) give priority to women's business applicants and minority business applicants; and
(2) approve for participation in the pilot program only first-time business owners of businesses in a designated industry.
c. The center shall determine the manner in which to provide a reimbursement to a business participating in the pilot program under this section, but the aggregate amount of all reimbursements provided by the center shall not exceed $500,000 in any one fiscal year.
d. The center shall adopt regulations in accordance with the "Administrative Procedure Act" P.L.1968, c.410 (C.52:14B-1 et seq.) deemed necessary for the implementation and enforcement of P.L. , c. (C. ) (pending before the Legislature as this bill).
e. On or before February 1 of the pilot program's second fiscal year, the center shall conduct a review of the cumulative effectiveness of the pilot program. The review shall include, but not be limited to:
(1) the number and type of New Jersey businesses that were formed in connection with the pilot program;
(2) the status of each business formed in connection with the pilot program;
(3) the number of employees employed by each business receiving a reimbursement under the pilot program;
(4) the economic impact to the State from the pilot program;
(5) the satisfaction of participants in the pilot program; and
(6) a recommendation concerning whether the pilot program should be made permanent or continued for additional fiscal years.
f. The center shall compile a report based upon the review required pursuant to subsection e. of this section and shall submit the report to the Governor and, in accordance with section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature.
g. For purposes of this section:
"Center" means the Business Action Center within the Department of State established pursuant to Reorganization Plan No. 003-2011.
"Designated industry" means a designated industry, as that term is defined in section 2 of P.L.1996, c.26 (C.34:1B-125).
"Minority business" means a minority business as defined in section 2 of P.L.1985, c.386 (C.34:1B-48).
"Pilot program" means the Entrepreneur Learner's Permit Pilot Program administered by the Business Action Center within the Department of State, as described in subsection a. of this section.
"Women's business" means a women's business as defined in section 2 of P.L.1985, c.386 (C.34:1B-48).
2. This act shall take effect immediately.
STATEMENT
This bill requires the Business Action Center (BAC) within the Department of State to establish an "Entrepreneur Learner's Permit Pilot Program" (pilot program) to reimburse participating new business entrepreneurs for fees related to the establishment of certain new businesses.
Under the bill, the BAC is required to establish the pilot program within six months after the effective date of the bill. The pilot program is required to be administered by the BAC over a period of two consecutive fiscal years and is intended to assist first-time entrepreneurs in starting new businesses in designated industries by providing reimbursements to qualifying entrepreneurs for State filing, permitting, or licensing fees associated with the formation of a business in the State. Under the bill, in operation with existing law, designated industries include the fields of biotechnology, pharmaceuticals, financial services, transportation and logistics, advanced computing, advanced materials, electronic device technology, environmental technology, and medical device technology.
The bill requires the BAC to establish criteria for the review and approval of pilot program applications, including criteria to give priority to women's and minority businesses and to prohibit approval of applications by persons who are not first-time business owners in designated industries. The bill further provides that the BAC is to determine the manner in which to provide reimbursements to participating entrepreneurs and limits the aggregate amount of reimbursements under the pilot program to not more than $500,000 in any one fiscal year.
The bill requires the BAC to adopt rules to administer the pilot program and to complete a review of the pilot program. The bill further requires the BAC to compile a report based on its review and to submit the report to the Governor and to the Legislature.
