The bill establishes the New Jersey Veterans Organization Building Grant Program, which is designed to provide financial assistance for the construction and improvement of facilities used by veterans' organizations in the state. It amends existing legislation to integrate this grant program into the framework of the New Jersey Economic Development Authority, defining key terms such as "project," "authority," and "cost" to ensure clarity in its implementation. The program will specifically support organizations designated as 501(c)(19) by the IRS, with grants awarded on a competitive basis according to criteria set by the authority.

Furthermore, the bill creates the Veterans Organization Building Grant Fund within the Department of the Treasury, funded through taxpayer contributions on New Jersey gross income tax returns and annual legislative appropriations. It appropriates $2,000,000 from the General Fund to the Economic Development Authority to facilitate the program's implementation. The authority is also granted the power to adopt necessary regulations to ensure effective allocation of funds, reflecting a commitment to enhancing resources for veterans in New Jersey. The act is set to take effect 180 days after its enactment.

Statutes affected:
Introduced: 34:1B-3, 34:1B-5