The bill amends several sections of P.L.2020, c.156, specifically focusing on the New Jersey Innovation Evergreen Program and its associated definitions and regulations. Key definitions are clarified, including terms such as "qualified business," "qualified investment," and "venture firm," which are essential for understanding the program's framework. The bill establishes that the New Jersey Economic Development Authority (EDA) will auction up to $300 million in tax credits to support investments in high-growth businesses, with specific conditions on the allocation of funds to ensure that a portion is reserved for businesses located in opportunity zones and for women- and minority-owned enterprises.

Additionally, the bill outlines the authority's responsibilities in managing investments, including the requirement for qualified venture firms to report annually on their investments and the performance of the businesses they support. It also allows the EDA's chief executive officer to adopt regulations necessary for implementing the provisions of the act, with immediate effect for a limited period. Overall, the bill aims to enhance economic growth in New Jersey by fostering innovation and supporting targeted industries through strategic investments.

Statutes affected:
Introduced: 34:1B-289, 34:1B-290, 34:1B-298, 34:1B-299, 34:1B-302
Advance Law: 34:1B-289, 34:1B-290, 34:1B-298, 34:1B-299, 34:1B-302
Pamphlet Law: 34:1B-289, 34:1B-290, 34:1B-298, 34:1B-299, 34:1B-302