Bill Text: NJ S1134 | 2014-2015 | Regular Session | Introduced
Bill Title: Permits NJ boat manufacturers to qualify for EDA loans for renewable energy technology, equipment, or systems.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-01-30 - Introduced in the Senate, Referred to Senate Economic Growth Committee [S1134 Detail]
Download: New_Jersey-2014-S1134-Introduced.html
Sponsored by:
Senator JIM WHELAN
District 2 (Atlantic)
SYNOPSIS
Permits NJ boat manufacturers to qualify for EDA loans for renewable energy technology, equipment, or systems.
CURRENT VERSION OF TEXT
As introduced.
An Act authorizing boat manufacturers to qualify for loans from the New Jersey Economic Development Authority for the manufacture of Class I renewable energy, or energy efficiency systems, products, or technologies and supplementing P.L.1974, c.80 (C.34:1B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Any legally organized for-profit company that is located in the State of New Jersey and whose primary business activity is boat manufacturing shall be eligible to apply for any loan program offered by the New Jersey Economic Development Authority that supports companies entering or expanding with the manufacturing stage of commercial development and that are manufacturing or planning to manufacture "Class I renewable energy", or energy efficiency systems, products, or technologies, provided that the boat manufacturing company utilizes the loan to manufacture Class I renewable energy or energy efficiency systems, products, or technologies within the State. As used in this section, "Class I renewable energy" has the meaning prescribed for that term under section 3 of P.L.1999, c.23 (C.48:3-51).
2. This act shall take effect immediately, but shall remain inoperative for 30 days following the date of enactment.
STATEMENT
This bill makes New Jersey boat manufacturers eligible to apply for any loan program offered by the New Jersey Economic Development Authority (authority) which supports companies entering or expanding with the manufacturing stage of commercial development and that are manufacturing, or planning to manufacture, Class I renewable energy, or energy efficiency systems, products, or technologies, including, but not limited to, wind turbines. The bill makes boat manufacturers eligible to apply for the "Edison Innovation Clean Energy Manufacturing Fund" administered by the authority in collaboration with the Board of Public Utilities. In order for a boat manufacturer to be eligible for a loan, it must use the loan to manufacture Class I renewable energy or energy efficiency systems, products, or technologies.
