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, allowing them to receive credits of 15% of the rent paid and 35% of necessary capital investments for site preparation. Additionally, fusion companies can receive tax credits equal to 35% of their capital investments related to the construction or improvement of their facilities, provided they are actively operating. The EDA is authorized to allocate up to $5 million annually in tax credits for property owners and $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 for energy efficiency projects, including fusion energy facilities. This amendment aims to improve coordination among agencies and prevent overlap in fund usage. Overall, the bill seeks to foster innovation in fusion energy technology while contributing to climate change mitigation through financial incentives.

Statutes affected:
Introduced: 26:2C-51