Bill Text: NJ S1209 | 2012-2013 | Regular Session | Introduced
Bill Title: Permits NJ boat manufacturers to qualify for EDA loans for renewable energy technology, equipment, or systems.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Enrolled - Dead) 2014-01-21 - Pocket Veto - Bills not Acted on by Governor-end of Session [S1209 Detail]
Download: New_Jersey-2012-S1209-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 wind turbines 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 for any loan program offered by the New Jersey Economic Development Authority that supports "Class I renewable energy" as that term is defined in section 3 of P.L.1999, c.23 (C.48:3-51), or energy efficiency companies entering or expanding within the manufacturing stage of commercial development, provided that the boat manufacturing company utilizes the loan to manufacture Class I renewable energy or energy efficiency systems, products or technology as that term is defined in section 3 of P.L.1999, c.23 (C.48:3-51) within the State.
2. This act shall take effect immediately, but shall remain inoperative for 30 days following the date of enactment.
STATEMENT
This bill would require New Jersey boat manufacturers be made eligible to apply for any loan program offered by the New Jersey Economic Development Authority which supports renewable energy and energy efficiency companies in entering or expanding within the manufacturing stage of commercial development. The specific loan program in question is the "Edison Innovation Clean Energy Manufacturing Fund" (CEMF), a fund the authority administers in collaboration with the Board of Public Utilities. In order for a boat manufacturer to be eligible for a loan from the CEMF, it must use the loan to manufacture renewable energy or energy efficiency systems, products, or technology.
