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 provides tax credits for eligible property owners who lease space on power plant sites to fusion companies, offering 15% of the rent paid and 35% of necessary capital investments made for site preparation. Additionally, fusion companies can receive tax credits up to $10 million annually, contingent upon their active operation of facilities. The EDA is responsible for reviewing applications and issuing a total of $5 million in tax credits for property owners each year.

Furthermore, the bill amends existing legislation to allocate 60% of the funds from the Global Warming Solutions Fund to the EDA for supporting fusion energy initiatives, energy efficiency projects, and innovative carbon emissions reduction technologies. It outlines specific eligibility criteria and application processes for both property owners and fusion companies, ensuring that tax credits are based on verified capital investments. Overall, the bill aims to stimulate investment in fusion energy and technology, contributing to New Jersey's energy goals and environmental sustainability efforts.

Statutes affected:
Introduced: 26:2C-51