The bill establishes the New Jersey Veterans Organization Building Grant Program, which is designed to provide financial support 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 clarify the program's scope. The bill also expands the authority's powers, allowing it to engage in activities such as entering contracts, acquiring property, and establishing reserve funds to facilitate the development of projects that benefit veterans.

To qualify for grants, organizations must be recognized as 501(c)(19) by the IRS, and funding will be awarded on a competitive basis based on criteria set by the authority. The bill creates the Veterans Organization Building Grant Fund, which will be financed through taxpayer contributions on New Jersey gross income tax returns and annual legislative appropriations. Additionally, it appropriates $2,000,000 from the General Fund to support the program's implementation, with the authority authorized to adopt regulations to ensure effective allocation of funds. The act is set to take effect 180 days after its enactment.

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