The proposed bill establishes the Fusion Energy and Technology Incentive Program within the New Jersey Economic Development Authority (EDA) to encourage the development and utilization of fusion energy and technology. It introduces tax credits for eligible property owners who lease space on power plant sites to fusion companies, providing them with 15% of the rent paid and 35% of necessary capital investments made prior to application. Additionally, fusion companies can receive tax credits equal to 35% of their capital investments for facility preparation, construction, or improvement, but only after they commence operations. The EDA is authorized to issue up to $5 million in tax credits annually for property owners and up to $10 million for fusion companies.

Furthermore, the bill amends existing legislation regarding the allocation of funds from the Global Warming Solutions Fund, specifying that 60% of the fund will be directed to the EDA for grants and financial assistance aimed at supporting energy efficiency projects, including fusion energy facilities. This change is intended to enhance coordination among agencies and ensure effective utilization of funds to stimulate investment in innovative energy solutions and reduce carbon emissions. Overall, the legislation aims to promote fusion energy initiatives while contributing to New Jersey's greenhouse gas reduction goals.

Statutes affected:
Introduced: 26:2C-51